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  • #16
    Originally posted by billiechic View Post
    Myself, I am planning on giving my daughter as much as I can, regardless of whatever the courts "order" me to pay. The key to avoiding such a large sum is of course to start saving when they are small, then the money will be there (or a a lot of it) when the time comes.
    Please don't take offense but...

    You have the ability to give "as much as you can, regardless of whatever the courts "order" you to pay".

    NCP's who have been ordered to pay educational fees under section 7 do not have a choice in the matter.

    The costs are sent to FRO and payments are enforced as if it was child support arrears.

    Their choice.... pay or go to jail for 180 days with no good time...and THEN pay!!

    As far as saving.....

    Lets say you have a 'decent' job and gross $50,000 per year, (net approx. $35,000 which equals $2917 net per month),

    You are divorced with 3 children.... you pay $986 per month in child support.

    Those kids enjoy very few, inexpensive extra-curriculars
    (you pay 50% @ $25 per month, per child = $75)

    You were married 10 years, so now your ex wife gets alimony @ $500 per month for the next 10 years....

    $ 2917
    - $ 986
    - $ 75
    - $ 500

    Leaves you a grand total of $1356 per month,
    $800 rent for 1 bdrm appartment, h&h inclusive
    $200 car payment
    $100 car & court ordered life insurance
    $30 telephone - no long distance
    $40 basic cable
    Leaves you a grand total of $186 per month (or $6.20 per day), for gas, food, toiletries, and all of your very basic necessities....

    And don't forget the thou$and$ in legal fees that you now owe because you fought to have the rights to "visit" your own children twice a month!

    How do you save money when you can barely afford to feed and clothe yourself?

    Where is the "key" to avoiding this problem.... other than never get married and not having children?

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    • #17
      Osap....

      OSAP is a loan...funded by the Ontario taxpayer, and is subject to 'loan forgiveness', wherein the borrower only pays back a portion of the original amount.

      As of today's date, an eligible student can borrow a maximum of $16,500 for a 2 semester term, (8 months).

      The Ontario Government limits the amount of Canada-Ontario student loan debt to that an eligible student has to pay to $7000 for the same two term study period.

      Therefore, we the taxpayer swallows up to $9500 per student, for each academic year.

      To qualify for assistance the student must:

      - Be a Canadian citizen
      - Lived in Ontario for the past 12 months
      - Attending an approved educational institution
      - Enrolled in an approved program of study
      - Taking at least 60% of a full course load
      - Previous loans in good standing
      - Must maintain satisfactory academic progress

      A student must report both parents income. If the income is too high, they will not be eligible for assistance.

      You CAN file for bankruptsy for Canada-Ontario student loans as long as you haven't been a student for a minimum of 7 years. If you file for bankruptsy within 7 years of graduating, your student loans will not be discharged.

      Comment

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