Financing: Take what you can get.

Well, it is finally done. The paperwork for the line of credit that Queen's will pay the interest on during and for 12 months after completing the program is on the way. Queen's is covering tuition plus fifteen thousand dollars. I tried to get more, but to no avail. That is as high as the bank is willing to loan on this particular "product". I also had to have a co-signer since I have zero assets.

Nothing reminds you how poor you are like asking the bank for money.

We provided a detailed breakdown of the years expenses to the banker. After reviewing it, the picture the banker painted for me of my financial situation upon graduation was pretty bleak. I got pretty depressed about the whole thing and was almost ready to pull the plug and cut my losses at that point. I had to sit down and crunch some numbers. I also took yet another look at what prospects might be available after graduation for employment. If I manage to find a job that pays well while I'm in school and I can start right after graduation I might be okay.

As if that isn't worrisome enough, the finances I have set up won't be enough to cover my expenses for the whole year, but I figure with the little bit I can save, a good tax return, and taking what little I have in RRSPs out through the "lifelong learning program" I can make it to September. Maybe December if things really stretch. At that point I will have to look for an additional line of credit for the final four to six months. I feel like I'm calling "all in" with a pair of tens pre-flop and I haven't even reached the final table.

I really need some sort of entrance scholarship, but I don't know if that is going to happen. From my conversations with the students during my interview it sounded like scholarships were few and far between. Still, I can hope!

I'm also going to apply for another scholarship I found, but I'm not writing about the details here until after I have found out if I get that one or not. I don't want extra competition.

(This deadline has come and gone. It was the Engineers Canada-TD Meloche Monnex scholarship for professional engineers in Canada returning to school to study a subject other than engineering. There is also a scholarship for professional engineers in Canada returning to school to study engineering futher.)

I've even started to "pay the stupid tax." By that I mean purchase lottery tickets. If I ever needed a small financial windfall, now is the time, but I have a better chance of getting hit by lightning.

It is unnerving to be setting out on this kind of venture with two thirds of your financing in place. Everyone keeps telling me that, "this is a great opportunity," but who really knows? It's not them climbing out on the thinnest tree limb hoping it doesn't break. Is "the fruit sweeter further out on the limb?"

For now I will take the tuition plus fifteen thousand that is on the table and hope for some kind of scholarship to help, while continuing to look for other ways to make this work. I'm either incredibly brave or incredibly stupid. The only difference between the two is the result. Time will tell since I'm jumping in with both feet.

Financing: Paperwork.

Banker e-mailed me today with the paperwork he needs me to fillout. No rush, but the sooner I turn this around the better. Might be a few weeks as I am very busy at work these days. Feeling kind of exhausted after all the excitement of being accepted. So much to arrange, but it is pretty much running itself now.

Financing: Initiating contact with the banker

After receiving the acceptance to the program I immediately e-mailed the contact at the bank to start getting details about financing. The banker called today at lunch! Yikes, that was fast. They can't wait to chain me to a loan? Just kidding, it's all good. The banker was very friendly and based out of Kingston. They mentioned that about 60% of the students used their services out of Kingston and to date there had been no issues. I will probably just go with the banker based out of Kingston and do things via e-mail and post.

So we discussed what I wanted to set up and what I needed for finances. Apparently Queen's will cover the interest on a line of credit for tuition plus "X" dollars and the interest rate is great too. The remainder of my financial needs will have to be covered by an additional line of credit that I will have to cover. Since I have no real assest I will probably need someone to bond me. That will probably be a parent.

Afterwards I will be able to negotiate the debt into some kind of lump sum financing deal for repayment. Like a mortage, except my brain will be the assest on the line instead of a house...lol.

Anyway, the banker will get back to me in a few days with the required paperwork to fill out. Nice to get this ball rolling since it means someone else will help me with getting the necessary stuff done.