I've got one year of University left and luckily I've managed to stash around ~$18k in savings that my expenses never cut into. My tuition for my last year will probably be around $13k.
I hate the idea of being in debt - but aside from emptying my savings account, the alternative is that I take OSAP to cover my tuition and pay it back +3.5% over the course of five years or so. Roughly $300 a month. I'm a bit paranoid about money - I keep two checking accounts as buffers with between 500 - 1000 dollars available at short notice in each of them in case of emergency, and then my savings account is there to accrue interest on money I never intend to spend. That's why I hate the idea of emptying out my savings on tuition - I feel like I'm removing a large portion of my stack of hay that'd catch my fall.
- Does anyone think the direction the Ontario Government is moving in will mean my OSAP payments may get less forgiving rather than more?
- Am I setting myself up to be bamboozled by my government?
- Should I bite the bullet and live paycheck-to-paycheck until I get a job in order to avoid that bamboozling?
To note, my prospects seem ok - I'm on a well-paying internship right now for 14 months and they seem willing to take me on once I graduate. Any advice appreciated. Thanks.