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Despite how much you think you’ll earn…

It will never be enough to pay off your student loan.

When I was a bright-eyed, bushy-tailed student, I believed that no matter what happened after school, everything would turn out ok. Surely with my degrees in hand I would find a proper job that would pay a hefty salary. I decided that I would worry about the debt then, as it wouldn’t be much of a worry at all.

Reality is – no matter how much money you make, finding $12,000 CAD a year in your working life to match the corresponding $12,000 you spent for one single year of university is a tough feat. Factor in interest at 5%, and it takes the average graduate 9-15 years to pay it off.

Oh well, you can’t put a price on education right?

You can and should if it’s one of the many dreams you have in life, like say, buying a house.

But hindsight is 20/20, and investing in property was the last thing on my mind when I was 22. At the time I was investing in myself, in my education.

I write about student loans because this topic has been on my mind a lot over the last week. I’ve been plotting and scheming to save for a deposit for a flat. Then it occurred to me – a lightbulb moment – that my student loan would thwart any efforts I had to invest in property.

I know it’s silly to suddenly realise this. But the point I’m trying to make is, you can go your whole life believing in something, to the point where you can’t see anything else other than your beliefs.

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