One semester’s tuition: $1,200
School supplies: $650
Lunch at the cafeteria $15
Great financial advice: priceless
According to Statistics Canada, students are having problems paying back student loans.
“More borrowers experienced difficulties in meeting their loan repayment schedules shortly after leaving school. These difficulties increased in magnitude each year.”
Why is this happening? Michael Martella, Concordia alumni and financial consultant comments on the skyrocketing costs for students. With a potential end to the tuition freeze, students in Quebec are expected to pay more and more for a post collegial education and a prospective career.
“Student’s lives are becoming more and more expensive,” said Martella.
“With purchases that include the latest laptops, cellphones and iPods, students are spending more money than ever.”
Martella often sees young clients experiencing the same problems which are caused by outstanding debt and credit card interest.
It wasn’t so long ago when 27-year-old Martella was in the same predicament. As a struggling university student and personal banker working full-time at CIBC, he struggled to pay his way through school.
“It took four years for me to get my bachelor’s because I had to work full-time. In the end, I never regretted it for a second. Concordia has led me to an amazing career.”
After completing his bachelor’s in Economics, Martella plunged into a full-commission job with Investors Group. After completing one month of extensive training with the company, Martella threw himself into his work immediately in order to pay office expenses often working six days a week, often with a minimum of 10 hours a day.
With no guarantee of clients, income or any means to pay his office expenses (no to mention his lingering university debt), Martella needed to make some cash and fast.
Melissa Martella, Michael’s wife, was his fianc