How to manage student debt

The Statistics Canada report on the tuition fees that full time undergraduate students pay in Canada has revealed that the average tuition rates for universities in Canada reached $5,000 in 2011 and they continue to increase significantly. Consequently, many students nowadays consider debt a necessity if they want to attend school. In fact, the CFS, which is the Federation for Canadian students, has revealed that the federal government loans that Canadian students have amount to over $14.7 billion. According to the CFS, student debt has numerous negative effects on individual students and the economy because it limits career choices by preventing students from pursuing higher education. Financial issues prevent most students from continuing with post-secondary education and their career choices after they graduate can largely depend on debt. Fortunately, you can pursue higher education and make better career choices by choosing good borrowing options and finding ways of handling your debt in a responsible manner.

Ways of managing student debt

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Borrowing the minimum

First, you should look for bursaries and scholarships from your high school, university or college, community organizations, your workplace or your parents' employer in order to minimize the amount of your debt. You should also remember to reap maximum benefits from tax credits. Tax relief, which allows you to claim a maximum of $400 every month for your tuition, a tax credit on the amount of interest that you are supposed to pay on your loan and $65 every month for textbooks, is available from Skills Development and Human Resources in Canada. You should call the appropriate government phone numbers for more information about this tax relief.

Comparing government loans and grants

According to an insurance advisor, students prefer provincial government loans to federal loans because the accumulation of interest on provincial loans usually delays and their repayment period is longer. Loans and both grants, which students do not need to repay, are available from the federal government. You can request the federal government to allow you to decrease or increase the amount that you repay if the payments prove difficult for you to make or you want to repay your loan sooner after you graduate.

Researching lines of credit and bank loans carefully

According to the insurance advisor, nowadays, people know the amount they are borrowing and the purpose of the money because of the economic turmoil that has occurred in the past three years. It is very important for you to carry out extensive research before you take out a loan because different programs are available from different banks. He also notes that a line of credit that has preferential repayment plans and interest rates is available from most banks.

Planning a strategy for repaying your loan

Someone who was studying at the Queen's University, covered her school costs by taking out a government loan. Linton applied for bursaries and grants and saved money during summer in order to minimize the amount of her debt. You can also avoid overspending by sticking to a budget and separating your money from the amount that you have borrowed even though it is difficult for you to think about the amount that you have to repay.

According to the insurance advisor, the repayment of a debt is among the most important aspects of a financial plan that a graduate has when he/she starts working. You should therefore set up a manageable and efficient repayment strategy that you can integrate into the financial goals that you have for your future by seeking the help of a financial planning professional.

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Posted in Financial Services Post Date 04/04/2020