Struggling to repay your student loan?
The Federal Government has just announced that assistance is on the way, with the new budget promising to give more Canadians the ability to postpone or make lower monthly debt repayments for their outstanding student loans.
Currently, Canadians who live alone and make less than $25,000 a year can qualify to defer student loan payments under the Repayment Assistance Plan.
The new federal budget proposes to raise that threshold to $40,000 for Canadians living alone, so more Canadians can access repayment assistance.
The newly revamped Repayment Assistance Plan means that more new graduates can pursue their passions without having to immediately worry about repaying their loans.
For those earning more than $40,000 and are eligible for repayment assistance, the budget outlines a plan to cap monthly student loan payments at 10 per cent, a reduction from the current 20 per cent cap.
The newly outlined plan is set to help an additional 121,000 Canadians with student loan debt, starting in 2022.
Even with the additional government support, the expenses of post-secondary education including unexpected costs such as mid-semester books, fees, parking and more can add up each semester. There may be times where you’ll need fast cash to pay for these as well as your living expenses.
No one likes to be in debt, but sometimes life has other plans for you and you need cash quick.
When that happens, it's important to know that there is short term financing available. You can apply online for up to $1,500, with a simple application that takes less than five minutes to complete. Many direct lenders have easy to use apps and are available 24/7. It doesn't matter if it's New Years, Christmas, or just because, their goal is to help people in their time of need.
The average post-secondary education in Canada can cost upwards of $30,000 per year and the cost keeps going up annually. If you’re stressed about your student loans, then you may want to consider other options.
1. Make a Payment Plan
If your budget is tight, but you still need to make your student loan payments each month, then it might be time to set up a payment plan. Set up an automatic draft from your bank account that will help ensure that the checks don't get lost in the mail or mixed up with other expenses.
2. Consolidate Your Loans
If you have multiple loans with several different lenders, then you might be able to consolidate them into one single loan. This will help reduce the amount of paperwork and the interest rate might be lower.
As you can see, student loans are a big expense that many people forget about. The key is to start saving as soon as possible so you'll be able to pay off your debt before the interest sets in!
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