Simply put, international travel is expensive. So is post-secondary education. Often times, combining the two can create astronomical costs. Last year I was trying to find study abroad programs in Italy that would allow me to gain university credit studying Renaissance history and Italian language and culture, but the program costs themselves would total over $10,000! That's not taking into account travel, accommodation, excursions, and variable expenses; the dream quickly faded and I realized it was completely unfeasible. I can buy a car for $10,000, I can remodel our kitchen for $10,000, I could pay off a fair portion of my student loans with $10,000... just think of the possibilities!
This India program is unique in several ways. I'm gaining almost a full semester of credits and an incredible cultural experience for a reasonable price. The total cost of the program is between $6000 and $6500 (the final figures aren't out yet) and includes flight, accommodation, 2 meals a day, and all excursions and tuition fees. In an average semester I need about $5000 of student loans to make it through, so doing something this amazing for only $1000 to $1500 more is a definite deal plus the fact that it's done in half the time. Mind you there are other outside costs that I'm going to need to find a way to manage, like vaccines, travel insurance, and passport fees that are going to add up, but I consider those minor in comparison to the cost of the program. Not to mention once I get to India things should be considerably cheaper when you take into account that one Indian rupee converts to about 0.02 Canadian dollars and you can get a meal for as little as 40 and up to 250 rupees... so $0.80-$5.00. Pretty reasonable if you ask me.
So, how am I financing this trip? Frankly, that question is the most stressful of all - it worries me. I'm pinching my pennies in every possible manner. I'm saving anything extra from this winter semester's student loans, using this year's tax return toward the trip, working for 6 weeks before I depart and taking student loans to cover the remainder of the balance. I'm also asking family members for as much help as they can, knowing I can pay them back when I resume working after the program. It's going to be a challenge, but I think it makes it that much more worthwhile in the end.
Have you ever had to scrimp and save to have a large sum of money for something? How much did it cost and how long did it take you? What was it for and was it worth it?
Thanks for reading and please comment below!
Start asking student loans for money, to which they count summer courses/tuition as it's own term (just like any other term where you can receive $5000+ dollars of student loans). The kicker is that you don't get the funding for that term until AFTER that term (IE fall), when you receive payment for the last (summer) term AND you fall term in two separate checks. So here's the work around:
ReplyDeleteOnce you have permission (in paper, and finalized) you go to the bank and ask for a 4 month loan that matches (dollar for dollar) what student loans is giving you. It doesn't matter what your credit is, since your going to give them the receipt/notification that student loan sent you as proof of capacity to give repayment. Now you have your student loans in the summer, with an extra $250~ish that you have to pay in interest to the bank.
Added with your following semester, that works out to be $16 000~ish worth of student loans... which is what somebody living in residence on campus would pay in two semesters (so student loans would cover that amount).
Hope this helps!
~Mc Awesome
Thanks Nathan, I was wondering what the application process was going to be like for summer loans - now I know how I have to go about finalizing everything. :) You certainly are Mc Awesome.
ReplyDelete