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bijanv wrote:aztekxero wrote:My first year, tuition plus fees was somewhere around 9500. My meal plan and res together were around 9000. Books were about 1000. Yup same for me.. UofT is costing me around $80 grand for the whole time I'm there. However I've made (to date) $10 grand (even though I didn't really work this summer - as I didn't get paid) and with PEY it'll be another $40 grand at the very least so I'll be sitting at around only paying $30 grand for housing, tuition and everything which is fine for me. I can pay it off within a year of working! You make 40K after taxes with PEY!?
UWO 2012 - Biological & Medical Science  UWO > Every other school
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bijanv wrote:aztekxero wrote:My first year, tuition plus fees was somewhere around 9500. My meal plan and res together were around 9000. Books were about 1000. Yup same for me.. UofT is costing me around $80 grand for the whole time I'm there. However I've made (to date) $10 grand (even though I didn't really work this summer - as I didn't get paid) and with PEY it'll be another $40 grand at the very least so I'll be sitting at around only paying $30 grand for housing, tuition and everything which is fine for me. I can pay it off within a year of working! Pay off $30k in loans after one year? What is your expected salary?
-Stringer
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ACTH wrote:bijanv wrote:aztekxero wrote:My first year, tuition plus fees was somewhere around 9500. My meal plan and res together were around 9000. Books were about 1000. Yup same for me.. UofT is costing me around $80 grand for the whole time I'm there. However I've made (to date) $10 grand (even though I didn't really work this summer - as I didn't get paid) and with PEY it'll be another $40 grand at the very least so I'll be sitting at around only paying $30 grand for housing, tuition and everything which is fine for me. I can pay it off within a year of working! You make 40K after taxes with PEY!? While you're a student, you get tuition & education tax credits, which you can use right away, transfer to future years, or transfer to your parents. If you had a few thousand of unused tax credits you could quite possibly cover all tax you'd pay on $40,000 with that. And $40,000 for a year as an intern is definitely not out of the question. In addition, a 1 year internship would usually work out to be over 2 different tax years (You'd normally do it May-April or Sept-August perhaps 16 months with 8 months in each of 2 calendar years), so you'd get to deduct your basic personal amount (~9000) and all that jazz twice. Paying off $30,000 in loans in one year of working is pretty darn optimistic, but it does depend on what your starting salary works out to be and what sort of lifestyle you adopt. And while I am generally in favor of paying off debt quickly, do be aware that in the long run sometimes contributing to an RRSP is the better option than paying down debt.
Remember that it often takes just as long to do a search or two on Google to try and find the answer to your question as it takes to type it in a post here, let alone the time waiting for a reply. If your question is "What mark does it take to get into University X", or "What are the requirements to get into University X", it's on their website and/or electronicinfo.ca (for Ontario schools). Particularly for Ontario schools, those ranges are a pretty good picture of what kind of mark will get you into the program, and if you're more than a couple percent higher it's practically guaranteed unless it requires a supplementary form.
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I got $3000 in scholarship money first year, but I'm getting nothing second year. And yeah, first year was about $20k. Second year will likely be the same.
U of T Electrical Engineering 1T1
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Quote:You make 40K after taxes with PEY!? Lets say you take the 16 month PEY. thats about 65 months (edit: 65 weeks). Thats about 2600 hours. Considering he gets a good job (lets say $20/hr), he would make a little more then $50,000. That would be about 40k after taxes (i think).
University of Toronto Electrical Engineering 1T1 (2011)
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Malinka wrote:karla wrote:
And Malinka, is U of Guelph just cheaper? Or are you taking less than 5 courses?
No I don't think Guelph is much cheaper than most other Ontario universities, I'm sure some programs at some other universities (Queens commerce eg) will be a bit more but I think Guelph is pretty average. Even in my first semester when I lived in rez I only paid about $5 000. and yes it's a full coarseload (lol they charge the same whether you take 6, 5, or 4 courses anyway) Oh that's only one semester then. That makes way more sense. My first year got paid for with scholarships, second year should also be covered, plus I made around $9000 this summer. Tuition will only be going up though I think!
University of Alberta - Mechanical Engineering '11
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I'm... lucky whewwww Costs are about **$9,412** for residence, meal plan, and tuition after my $1500 tuition bursary and (maybe, can't remember) the $700 residence deposit I paid. I'm stretching it... but I will likely have $1000-2500 left over for any other costs for my year (another $1000-2000 if I get a job on campus).
~~~Ba Honors Political Science @ Carleton University, Ottawa ~~~
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My fees for this year are approximately $15,000 including tuition, residence and meal plan. Next year, it should be ~$9,000 because I won't be living in residence anymore.
UTSG Rotman Commerce (Victoria College) 2012
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I paid for mine by myself using money I'd saved from working. Mine was closer to 4,000 though, if I'd had to pay 9,000 like some of you I might not have been as lucky.
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bimmer35 wrote:My fees for this year are approximately $15,000 including tuition, residence and meal plan. Next year, it should be ~$9,000 because I won't be living in residence anymore. Yeah, I wasn't able to pay all my fees like that. I paid for tuition but not for rez. I'm using OSAP for rez.
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Stringer wrote:bijanv wrote:aztekxero wrote:My first year, tuition plus fees was somewhere around 9500. My meal plan and res together were around 9000. Books were about 1000. Yup same for me.. UofT is costing me around $80 grand for the whole time I'm there. However I've made (to date) $10 grand (even though I didn't really work this summer - as I didn't get paid) and with PEY it'll be another $40 grand at the very least so I'll be sitting at around only paying $30 grand for housing, tuition and everything which is fine for me. I can pay it off within a year of working! Pay off $30k in loans after one year? What is your expected salary? Expected salary of appx $60 grand starting, 70 if I'm lucky (in the field I'm going to - even lowest would be $50 grand and I could still pay off $30 in one year.. or almost all of it) and thanks Kaylya for clearing that up!
-University of Toronto Electrical Engineering 1T0!
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UofT2011 wrote:Quote:You make 40K after taxes with PEY!? Lets say you take the 16 month PEY. thats about 65 months. Thats about 2600 hours. Considering he gets a good job (lets say $20/hr), he would make a little more then $50,000. That would be about 40k after taxes (i think). 65 months!? LOL but yeah I'm not sure what hourly it is but the average salary for ECE's in PEY is 42,000 with some students getting $60,000 yearly salary for their internship
-University of Toronto Electrical Engineering 1T0!
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LOL i meant 65 weeks! 42 K on average? NOT BAD ATALL!
University of Toronto Electrical Engineering 1T1 (2011)
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You might want to factor in how much you'd pay in taxes, although again, your first tax year is only going to have at most 8 months of full time work and you'll have some tuition credits. Taxtips.ca has a handy dandy calculator that covers most major things but not every single last potential deduction. If you want to repay $30,000 in loans in one year, at the assumptions in this OSAP repayment calculator, your payments are $2715 per month - with interest, it works out to $32580. Lets assume for simplicity that $2000 of that interest can be deducted in your first tax year and $580 in your 2nd. So lets assume that you get a job right away at $60,000 annual salary, so in the first tax year you earn $40,000 (since you're working for 8 months). Lets also assume you have $15,000 in tuition & education credits hanging around (Realistic assuming you didn't blow every cent of credits keeping tax down for PEY and you haven't been transferring off to your parents). With that tax deductible interest, that's $34,483 with taxes, CPP, and EI. Keep in mind that more may be withheld, and you might get a big chunk back in April which is sub-optimal for paying down loans (although you also get to deduct student loan interest from your taxes). So for that first 8 months, that's $34483 in net income - 21720 in loan payments for $12,763 to live off of, or $1595 per month. The next year, your salary is $60,000 but you don't have any tuition credits left. And you've paid off most of your loan so your tax deduction for interest is $580. Your net income after taxes is $44,502. One third of that is $14,834, and 4 months of loan payments is $10,860. Those tuition credits and only earning significant income for 8 months make a big difference! You've now got $993 to live off of for those last 4 months until your net income suddenly shoots up to $3708 per month. I hope you plan on living with roommates or your parents and keeping your expenses super duper low in order to pay off $30,000 of loans (+ interest) with $60,000 in salary (- taxes and CPP/EI). If you instead pay it back over 20 months, that's $1673 per month. Without redoing the loan tax credit calculation (it's within a couple hundred dollars), that's $34483 - $13384 = $21099 = $1758.25 per month that first 8 months and $44502 - $20076 = $24426 = $2035.50 per month for the next 12 months. That's a lot more reasonable - still living frugally, but not as excessive as before.
Remember that it often takes just as long to do a search or two on Google to try and find the answer to your question as it takes to type it in a post here, let alone the time waiting for a reply. If your question is "What mark does it take to get into University X", or "What are the requirements to get into University X", it's on their website and/or electronicinfo.ca (for Ontario schools). Particularly for Ontario schools, those ranges are a pretty good picture of what kind of mark will get you into the program, and if you're more than a couple percent higher it's practically guaranteed unless it requires a supplementary form.
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bijanv wrote:Stringer wrote:bijanv wrote:aztekxero wrote:My first year, tuition plus fees was somewhere around 9500. My meal plan and res together were around 9000. Books were about 1000. Yup same for me.. UofT is costing me around $80 grand for the whole time I'm there. However I've made (to date) $10 grand (even though I didn't really work this summer - as I didn't get paid) and with PEY it'll be another $40 grand at the very least so I'll be sitting at around only paying $30 grand for housing, tuition and everything which is fine for me. I can pay it off within a year of working! Pay off $30k in loans after one year? What is your expected salary? Expected salary of appx $60 grand starting, 70 if I'm lucky (in the field I'm going to - even lowest would be $50 grand and I could still pay off $30 in one year.. or almost all of it) and thanks Kaylya for clearing that up! What field are you expecting to go into specifically?
U of T Electrical Engineering 1T1
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My tuition is $4570 for the first year (Arts at St. Thomas), which is pretty fair. It's actually technically $2570 for first year, because the province offers a $2000 credit for your first year.
The tuition in NB is also frozen for a year so that won't change (but res will probably go up and I won't get the 2000 next year). For res, books and tuition, not including all of the small fees you have to pay for student union and travel to and from university, I'm looking at around $12,000. It would have been cheaper had I lived in a smaller dorm room but I decided to splurge and go for a room with a private bathroom because I'm not sure I could handle it otherwise, lol.
I have exactly $12,000 in scholarships, so I am lucky that everything will be covered...for this year, anyway.
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