your analysis is way off!!!!

Your analysis was interesting; however, last year my overhead was $3,000/month and my pre-income tax income was $1,200/month. I can only assume that the overhead should be at least $3,000, or more closer to reality: $4,000/month. Bear in mind that the average rent, for a modest apartment in Toronto, in October 2004, was $973/month and your hypothetical new chiropody graduate would have to live on the remaining $527/month or $131.75/week! This is not possible and in a news article in the Toronto Star, dated December 22, 2004, there was a lady who was struggling and getting by on $40,000/year. The chiropodist would be in a similar situation. This means that the new chiropodist should be making at least $35,679.83 + $40,000 + $48,000 = $123,679.83/year. That is, within a few months... the new chiropodist graduate ought to be making at least $10,000/month and I am assuming a 31.15% income tax rate on the $75.679.83!!!! Sooooooh, (oh-oh) given the uncontrolled, unregulated and almost unlimited foot care provider competition situation in Ontario, I truly doubt that any recent or future chiropody graduate with $160,000 of student debt (and $25,000 business starter loan) will be able to make enough income from private practise chiropody to be able to pay off his/her students loans. In Ontario, not only is the gross income of over $10,000/month unobtainable for the new graduate, but its also unsustainable because of the unregulated and uncontrolled competition. [Anyone having a problem with this comment please find a chiropodist living & working in Toronto, in full time private practise (started from scratch) who graduated this year, last year or 2 years ago and have them refute it by indicating how much their gross was in 2003 or 2004.]

I can only have one warning for university students, with big loans, considering a career in chiropody: caveat emptor. You are much better off getting a job as a teller or working the assembly line at Honda or Toyota than borrowing another $60,000 for chiropody training and then borrowing another $25,000 to try to set up your private chiropody practise. Keep also in mind that even with $160,000 of debt you will have an extremely difficult time paying off the loan if you got a chiropody job in a hospital!!!!