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May 222012

Repaying student loans after graduation can be a struggle 

Category : Studen loan debt, Debt Help, Consumer Proposals, Canada Revenue Agency (CRA), Bankruptcy

Thousands of young Canadians are graduating from college and university at this time of year, an exciting time as they enter the next chapter of their lives. Unfortunately, many will leave school under the weight of thousands of dollars in government student loans.   Although these loans come with a six-month grace period before repayments must begin – interest charges will start to accumulate from the date of graduation. The Government of Canada has a Student Loan Repayment Estimator to help estimate what the monthly payments will be, and will also help compare options for repayment.

 Canlearn.ca also has a lot of information and step by step instructions on:

  • repaying your government student loan
  • repayment options if you are still studying
  • making payments while you are still in school
  • when and where to make loan repayments
  • what happens if you miss payments
  • tax relief – take advantage of the student loan tax credit which allows you to deduct interest payments on government loans

If you are finding that you need more help with your student loans, there are some debt relief options available to help make things more manageable.

If you have been out of school for several years and still struggling to repay your loans, if your loan is no longer in good standing (in collection) or, if your student loan debt is affecting your emotional and physical well-being, BDO can help. We’ll review your financial situation and discuss other options you may want to consider such as a consumer proposal or a fresh start through bankruptcy. To arrange a no-obligation appointment to find out how BDO can help with student loan debt, contact a BDO office near you.

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