Financing: Student loan secured

Finally got my student loan straightened out with Alberta Learning Information Systems. Originally I applied online and it was processed within 2 weeks. However, the online application only had December 2007 and June 2008 start dates available to choose from among the choices for "program". Of course I needed "May 2008", but pick the date of "December 2007" since "May 2008" wasn't in the menu.

HUGE MISTAKE!

The result was a very lengthy cancellation procedure and an even more drawn out "re-application" by filing out a paper form.

All done and said I got a student loan! The amount I received is the same as what I was assessed automatically online. I get about 2/3rds for May 1, 2008 and the remainder form November 1, 2008. These funds combined with what I have saved and the line of credit available through RBC from Queen's should allow me to complete the year.

Financing: more on Scholarships

Lori Garnier, the MBA Associate Director at Queen's, called me today in response to my e-mail regarding the status of scholarships. It is nice to have an actual phone conversations rather than a quick e-mail. Much more personable and even though I know I am one of many students I really got the feeling that Lori gave a damn. This is very much the complete opposite of my undergraduate experience where they almost seemed to want me disappear.

From our conversation I learned that the 1st round of scholarships has been completed. They are now moving to the 2nd round. By the end of February, they expect all the scholarships to be awarded. My initial guess was correct about these items.

I was wrong about not still being considered. I am still on the list for a possible scholarship in the 2nd round. There is no guarantee I will get one, but there is also no guarantee that I won't. I am really glad that I applied early to ensure both my spot in the program and that I was well ahead of the deadline for applications that would be considered for scholarships.

Again, I will post the other scholarship I applied for since the deadline has passed. 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.

Financing: Scholarships

Through one of the people that has contacted me I have learned that Queen's recently awarded them a scholarship for $15,000. They were contacted by e-mail and will recieve the official paper work by courier. The scholarship is to be paid out in two installments; one at the start of each semester. Also, this person seems to be a very highly qualified candidate from what I can deduce from the information they have shared with me. Therefore, it seems Queen's may be using the scholarships in part to keep highly qualified candidates from going else where. This strategy makes sense and I don't doubt everyother school is using a similar strategy.

Prior to hearing this information I had taken an educated guess that approximately 2 weeks after the deadline is when they would start awarding the scholarships. Queen's had stated only applications recieved by January 15th would be consider for scholarships. So, hearing about a person recieving a scholarship at the end of January or beginning of February makes sense. Furthermore, it can't take more than 2 to 4 weeks to notify the recipients and confirm their acceptance. Therefore, I'm guessing that if you don't hear from Queen's by about the middle to end of February concerning scholarships, you won't.

That being said I still haven't heard from Queen's regarding a scholarship, which very likely means I won't.

Also, I had previously mentioned another scholarship. Since the deadline has come and gone I can post it here. 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.

Financing: Government Student Loan.

I recently discovered that as a mature student I might qualify for a government student loan. So, I filled out an application on line. I was pleasantly surprised at the automatically assessed amount. Now I have to wait to see if this will get approved.

Financing: Scholarship and Loan Information

Found the following on Queen's FAQ site:

FEES & FINANCING QUESTIONS
Q: How much does the program cost?

A: The program fee for the Class of 2009 is $58,000(CAD) for domestic students and $63,000 (CAD) for international students. This fee includes tuition, books,
cases, learning materials, photocopying, printing, and other program-related expenses (such as participating in case competitions and conferences).

Q: What is an estimated cost of living for a student in Kingston?

A: CAD $27,000.

Q: What financing options are available to me?A: Queen's School of Business and RBC Financial Group have teamed up to offer qualified Canadian citizens and permanent residents a tuition loan plan which allows you to borrow your full tuition fee and an additional CAD $15,000 for living expenses. Queen's covers the interest costs on the entire loan while you are in the program. Your personal RBC banker will work with you to establish a manageable repayment schedule. You have a maximum of ten (10) years to re-pay the loan. Please see the full details. Foreign residents and nationals should consult the numerous financing options.

Q: Are scholarships available?

A: Yes. Scholarships are awarded on merit. We look at a candidate’s GMAT score, GPA, and work experience equally in determining who will receive a scholarship. For the Class of 2007, the value of scholarships ranged from CAD $5,000 - $30,000. Separate applications are not required; all candidates who receive an offer of admission from Queen’s will be considered for a scholarship. Scholarship decisions are typically communicated within a month of the final application deadline.

So, some scholarships are available. The real question is do I "merit" one? I hope so.

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: Line of credit paperwork submitted.

Submitted the required paper work for the line of credit that Queen's is willing to cover the interest on for the duration of the program and the 12 months following completion of the program.

Now I just need to assess my additional expenses and request a second line of credit.

This is going to be pricey. I am again reminded that most people use this kind of money to put a decent down payment on a house. I just have to keep reminding myself this is worth it. After all, I did crunch all the numbers.

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.