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Tuition costs are climbing Cheap Braden Holtby Shirt , housing costs are climbing, it seems like all the costs for students are climbing these days. Students can afford cost increases less than any other demographic in Canada. Because of this, parents and students alike are looking for new ways to offset the costs of education.

Student loans can be used to defer these costs to some extent, but they need to be repaid after graduation. It's difficult to climb the corporate ladder or get ahead in life when you have $30,000 worth of debt before your first job is even found!

Bursaries, grants, and scholarships are another great source of funding for a student. However Cheap Andre Burakovsky Shirt , the amount of money available is thinning, and the competition is growing stiffer for this money each year.

The average student, over a 4 year degree, pays over $16,000 in tuition and books. Housing costs approximately $38,000 for a 4 year degree. This is based on rent of $800 per month for 48 months.

This means the total cost of education for a student is over $54,000 before paying for any clothes Cheap Philipp Grubauer Shirt , food, or recreational expenses. Given that the average student doesn't qualify for more than about $9000year in student loans, this means an average student needs to find over $18,000 during their 4 year education career to be able to go to school. Not to mention the cost of food and clothes.

So how does a student get ahead in life, avoid massive student loans, and still get an education?

Many parents have been turning to Real Estate as a solution for a solution. Let me explain what they're doing?

When their first child enrolls in university, the parents purchase a small home with easy access to the University. The more bedrooms the better! This opens many possibilities for the parents Cheap Christian Djoos Shirt , as well as the students.

First, the property will likely appreciate in value, presenting the parents with equity that can later be used to repay student loans or their own personal use.

Second, the rent the student would have paid to a landlord or dormitory is being used to repay the mortgage, creating more equity in the property.

Third, being a rental property, the tax benefits of the property are fabulous. Any interest paid on the mortgage is a write-off. Maintenance and improvements Cheap Devante Smith-Pelly Shirt , as well as taxes and often utilities, are expenses that can be written off.

Fourth, there is the potential for additional tenants. Suppose you were to purchase a 3 bedroom bungalow for approximately $150,000. The cost of the mortgage would be approximately $900; based on a 5.5% 25 year mortgage with 5% down payment. That's just $100 dollars more than rent on a typical 1 bedroom apartment close to the University of Alberta right now.

Your child finds 2 roommates to share expenses with. They each pay you $600 per month; the tenants are then saving $200 per month over the cost of renting an apartment. A good deal for them!

Your total revenue on the home is $1200 per month. Your child lives for free, and clears $300 per month, which can be put towards living expenses and spending money. Now your child can go to school, not work Cheap Madison Bowey Shirt , and focus on studying.

What if you were to finish the basement with an additional 2 bedrooms? That would essentially double your income, or allow you to "clear" $1500 per month. Your child gets $500 per month for expenses and living, and there's an additional $12000year ($100month) to be put towards tuition, books, and other university expenses.

Let's look at this again, using 2 family as examples. The Smith's and the Jones'.

The Smiths send their son, Steve Cheap Lars Eller Shirt , to university for 4 years. He rents an apartment in residence for $800 per month while going to school. His tuition, including books, is about $4000. Spending money, clothing, and food costs are approximately $500 per month. So Steve's annual costs are approximately $20,000 annually.

Student loans and scholarships (assuming Scott qualifies) cover approximately half of this, leaving him and his parents to cover the rest. Scott has to get a part time job to pay for some of it Cheap Jakub Vrana Shirt , and work full time in the summers to help.

The Smiths struggle through, using their savings and hard work to get through a tough 4 years. When Scott graduates, he has to start repaying is $30,000-$35,000 in student loans. He'll be making that payment for the next 10 years?

Now let's look at the Jones'.

The Jones' purchase a home close to the school for their daughter Sally. They make a 5% down payment ($7500) on a home worth $150,000. It has 3+2 bedrooms. Their daughter lives in 1 room, and manages the rest of the tenants in exchange for free rent and a monthly allowance of $500 to cover her living expenses. Each of the additional 4 rooms are rented for $600 per month including utilities and laundry. A great deal for ANY student.

Each month Sally collects the rent from her 4 roommates Cheap Evgeny Kuznetsov Shirt , totaling $2400. She keeps her $500, and deposits the rest into a bank account dedicated to the property. The mortgage and taxes get paid each month from that same account. Together, these cost $1100 ($900 for the mortgage and $200 for the taxes). That leaves an end-of-the month profit of $800 for the property. That money just sits in the account in case of emergencies, repairs, or other unforeseen expenses.

Remember, the taxes and interest on the mortgage are tax write-offs at the end of the year for Mr. & Mrs. Jones.

At the end of the first year, September to December Cheap T. J. Oshie Shirt , there is $3200 worth of cash in the bank account, or roughly 50% of the initial down payment. Sally is happy because they can use that money to pay for Sally's 2nd semester tuition without any student loans, not to mention that she hasn't needed to work a job while going to school.

Mr. And Mrs. Jones are happy because of the great tax write-offs they get from the property, plus Sally has no excuses for not getting good grades.

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