Quote:
Originally Posted by PepsiFree
No and Yes.
Let's take your situation, and say you wanted to pay back your entire loan in 5 years (aggressive!).
You are looking at about 5100 a month.
You make 210K.
Your monthly NET income in Alberta would be about 9600. Taking student loans off, that leave you with 4500 a month.
If money is tight at 4500 a month, you didn't plan well.
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Unless my numbers are wrong it'd actually be closer to $11K a month at $210K after deducting tax, CPP, and EI. And then when you factor in the tax deduction you get from student loan interest that adds another $500 a month or so. So with a $5100 student loan payment that person would be taking home somewhere in the $6200 range after everything.