It’s rather a rant.
While I’m looking at my options on how to attend college in Canada, and while I’m kind of broke.
I think about options that would help me in this financial struggle that has yet to come.
What am I going to do with the tuition fee, the bills for food, utilities and others? A loan, of course. First thing came to mind.
While as a Chinese student, there are only loans from some Chinese state banks. So I decided to delve a bit into them, and see what would come out.
These Chinese banks, they’re complete fuck-ups. They expect a 5 year or so return for the loans they made you. While you’re kind of studying abroad broke? You don’t make money at all in the first 2-4 years in college or university. And they want a return in 5 or 6 years? With the full payback of 400,000 yuan ($60,706) or 600,000 yuan ($91,059), and interest. How the fuck is anyone going to do that?
In the two years after you graduated from college, you will need to find a job, and “a well paying job”. At least a monthly salary over $10,000 job would be a rather easy task for you to repay your debts.
Two fucking years, while you’re an industry rookie. Who would want a rookie for a high end job and pay them $10,000 monthly? This applies to all general industries.
If you go back to China, and seek job opportunities there, it’s going to be even more fucked up for you. Because you’re not gonna make it. The subsequent 2 years, how are you supposed to pay back the huge sum of money of 400,000 yuan? While your freaking salary, the highest you can get, is 10,000 yuan a month? Yeah in Chinese yuan.
So what are these motherfuckers even thinking? These greedy bastards? 10000, for 400000? In 2 years? How the fuck are you gonna make it?
And they’re true loans, the kind that needs your house, gold watches or some heirloom as guarantees.
And what would be the point of this? That means if you use your house as a pledge, and of course it’s not your house, but your parents’. In the next 5-6 years, you will need to fully repay the debt, otherwise the house is going to be pawned, and your parents won’t even have a place to live.
And another question is, why do I need to get a loan, if my gold watch or heirloom can already pay me for the expense I’ll make?
Banks regulate that, the loans would not exceed the monetary value 60% or 80% of the guarantees.
Then why the fuck am I doing this? If I can just sell my stuff and get enough money to fund my international study?
These make complete no sense. And the point is, the point is most students would want a loan are broke. They are broke ass students. They don’t have anything to start with.
How, and what are you supposed to charge them? Force them to sell their blood in exchange for money?
What are these loans for initially? This really tickles me.
I start to wonder what would be the student loan policies in US.
It’s interesting to see that there are two types of student loans. It’s either government funded, or school funded.
The government one is the generous one, it will pay off most of your expense and help relieve pressure on your parents. The PLUS and Subsidized and Unsubsidized are pretty good choices for families that can’t afford the expensive college fees.
Next, we got school funded. Schools don’t and can’t afford high end loans, unless they’re some League universities. Hence why the number is low.
The thing I like about it is it has a 10 years return, mostly. That’s plausible to pay back, after you have stabilized your job and career.
Well of course I have read some reports either. How this “ten years or the probable life-long payback is going to chain every debtor from colleges and universities.” Another type of mortgage, without the abilities to erase or whatsoever.
I mean, I don’t know. Compared to the Chinese ones, I think these are generous terms.