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During my research i think the most surprising thing I've learnt was the amount of money you spend on interest rates while trying to pay your student debt off. In some cases the interest charges was almost the same amount of tuition or more.

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Hello everyone, the topic i have decided to choose is Student Loan Debt. I think its a perfect topic since we are all currently in school and some of us may be experiencing some student loan debt of our own already. In this wall you will be viewing all the resources i have researched on student loan debt and hopefully my information is informative and helpful.

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This video is very insightful and gives you lots of resources, solutions and tips on how to pay off your student loans. Dr Steph explains very clearly on the different types of loans and fixed rates offered here in Ontario and other providences as well. She includes a breakdown of ways too start paying off your debts, includes a calculator on how to calculate your debt and also explains in depth the time frame you have to repay your loan and also explains that there is another option to extend your loan but you will have to pay more interest overtime.

I choose this video because Dr Steph is very transparent and uses her own experiences and debt she has had in the past to pay off her student loan after she had graduated from medical school in 2018. the interesting thing about this video is that they have very useful resources that's linked that everyone can use to assist in debt repayment in the future. For example, the Canada loan forgiveness for family, doctors and nurses program.

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STUDENT LOAN REPAYMENT: Everything you need to know about the Canada Student Loan & OSAP

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This video is educating people on how to use all of the resources available to you to help you stay out of student debt. The speaker talks about the negative impact on students lives surrounding student loans and repayments and how exactly student loans impact your lives. She states facts on the amount of student debt is in Canada today and gives valuable information on how to educate yourselves on resources such as scholarships.

I choose this video because it gave a different perspective on student loans and also spoke about line of credit which was stated by the speaker should be a last resort after you have did research on other resources such as finding out if you are eligible for a scholarship.

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What Students Don’t Know About Student Loans in Canada

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This student loan debt video is talking about keeping track of your student loans and knowing how to manage all the money that is being given to you. The video gives you insight on the loans and actually tells viewers that you do not have to take all the money being given to you from the government. Take what you need that way it will prevent you from being into further debt.

I choose this video because its an eyeopener basically, a lot of people like myself think that the best of the best universities or colleges is what employers look at in order to hire you, but in actual fact you can go too a university or college that is not as well known and still get the job you desire because all the schools in Canada basically follow the same curriculum. You can take your time and choose somewhere that is right for you and your budget.

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STUDENT LOAN DEBT: What I Wish I Knew (Canada)

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This video is basically explaining how a lot of student do not fully understand the costs associated with college and the fact that every new career change you want is additional money on top of what you already owe. Student debt adds up quickly and students need to take into consideration the down time after they graduate. Many jobs require experience and its hard to have experience in the field you just graduated from which adds to a longer time to pay off debt.

i choose this video because it talks about all the struggles students have to go through trying to go to school, work and have a family to take care of. It also talks about female students and how they are affected especially after they decide to start a family of their own. Automatically its harder to pay back student loans when half of your income has to go towards supporting your family.

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Which Canadians may struggle the most to pay off their student loans?

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Grant me is a website where students can register for free and gain access too an online program that allows students to ask real questions and get real answers. Grant me helps students understand loans, helps students get into the right schools and programs for them and it also assists with funding for different universities and colleges. Grant me guides students and help them get all the information they need in order to be successful and ensure they are aware of certain grants and scholarships so they can ultimately be in less debt. This is a great education platform for students that are unaware of certain grants that can help them in their future studies.

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Maximize your chances of getting into a top university and securing funding with GrantMe's education consulting support.

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The Canada student loan forgiveness website is to help students or new graduates repay their loan. This website is only for certain eligible medical professionals such as nurses, doctors, licensed practical nurses etc. None the less its still a great website that offers assistance to professionals that can not afford to pay off their student debt. College and Universities are expensive in general but these professions are especially high and usually carry a high tuition fee which is not including books, uniforms, etc.

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Eligibility

To be eligible for Canada Student Loan forgiveness you must have:

started your current employment (full-time, part-time or casual) as an eligible medical professional (family doctor, resident in family medicine, nurse practitioner, or nurse) in an under-served rural or remote community on or after July 1, 2011;

been employed for a full year (12 consecutive months) in an under-served rural or remote community (this does not apply to residents in family medicine);

provided in-person services for a minimum of 400 hours in that community;

a Canada Student Loan that is in good standing; and

submitted an Application for Canada Student Loan Forgiveness for Family Doctors and Nurses.

Note: You can apply for Canada Student Loan forgiveness for family doctors and nurses if you are enrolled in full-time or part-time studies, are currently repaying your student loan, or are in your 6-month non-repayment period. If your Canada Student Loan is in repayment, you must continue to make your regular monthly payments.

Eligible medical professionals

If you practice as one of the medical professionals listed below, you could be eligible for Canada Student Loan forgiveness:

family doctor;

family medicine resident in training with an accredited medical school in Canada;

registered nurse;

registered psychiatric nurse;

registered practical nurse;

licensed practical nurse; or

nurse practitioner.

Eligible under-served rural or remote communities

You can verify if a community is a designated rural or remote community by using our Postal Code Lookup tool.

Note: You can work in multiple under-served rural or remote communities during the year as long as you complete at least 400 hours total of in-person service over the course of the 12-month period. As long as you continue to work in an under-served rural or remote community, you may work for multiple employers during the 12-month period.

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loan forgiveness for family doctors and nurses

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Employment and Social Development Canada

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Apply for Canada Student Loan Forgiveness for Family Doctors and Nurses - Eligibility - Canada.ca

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To be eligible for Canada Student Loan forgiveness you must have: started your current employment (full-time, part-time or casual) as an eligible medical professional (family doctor, resident in family medicine, nurse practitioner, or nurse) in an under-served rural or remote community on or after July 1, 2011; been employed for

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This website helps assist people with budgeting. Having a plan and budgeting and keeping track of everything really helps you plan for the future and stay on track. This is a great tool to use not only to make a plan to repay your student debt but to also budget and save some money as well for other things as well. Keeping track of your spending, not buying items you may not need or you can live without will really help you get on the right track to pay your student loans off faster to save on the interest that acclimates over time.

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Why make a budget

A budget is a plan that helps you manage your money. It helps you figure out how much money you get, spend and save. Making a budget can help you balance your income with your savings and expenses. It guides your spending to help you reach your financial goals.

A budget is especially important if you:

don't know where your money is going

don't save regularly

have problems paying off your debts

feel overwhelmed by your finances

feel like you're not in control of your finances

want to make the most of your money

are planning for a major purchase or a life event

Making a budget can help you:

set spending limits

find ways to pay down your debts

reduce costs and save more

live within your means

reduce financial stress

have more money for things that are important to you

feel in control of your finances

What to consider before you make a budget

Take these simple steps before you make your budget.

Think about your financial goals

Identify your short-term and long-term goals. Make saving for those goals part of your budget.

For example, goals may be:

Short-term goals:

paying off your credit card

reducing your weekly expenses

starting to build an emergency fund

Long-term goals:

paying off all of your debts

saving to buy a home or a car

saving to have children, to go to school or to retire

To deal with unexpected situations, create an emergency fund. Your emergency fund should provide you with enough money to cover your living expenses for 3 to 6 months. These amounts can sometimes seem out of reach. That is why you should start by saving a small amount on a regular basis.

Having an emergency fund will help you reduce financial stress and avoid getting trapped in a debt cycle.
Learn how to set up an emergency fund.
Know where your money is going

Tracking your money will help you figure out what comes in and what goes out of your pocket. Every dollar you spend affects your overall budget.

For example, if you spend $3 a day on coffee, it will cost you more than $1,000 a year.

To keep track of where your money is going, take note of what you spend.

Try this exercise for 1 or 2 months:

keep track of everything you buy, from groceries to a daily cup of coffee

keep track of bills you pay during this period, for example your telephone or internet bill

try dividing your expenses into 2 categories: "needs" and "wants"

Small changes to spending habits can have a major impact on your budget and your ability to save.
Find ways to save money before shopping.
Evaluate your needs and wants

Knowing the difference between your needs and your wants is key to making a smart budget.

A "need" is something that is necessary, required or essential. For example, a roof over your head, clothing, food, or medication.

A "want" is something that you'd like, but don't necessarily need. For example, meals at a restaurant, a trip, a gym membership, or designer shoes.

Needs and wants aren't the same for everyone. One person's "want" may be another person's "need". For example, if you live near a bus route, a car may be a want rather than a need. However, if you don't have access to public transit and can't move around otherwise, you may need a car.

Your needs and wants may also change over time. For example, a large house may be a need while you're raising a family. However, a condo or a smaller home may be what you need when your children move out.

Once you've figured out your needs and wants, you're ready to make your budget.

How to make a budget

In order to make a useful budget you need an effective tool that is easy to use.

The Budget Planner is a tool that allows you to create a personalized budget and save it online. It gives you tips and guidelines and helps you figure out your next steps with suggestions. It also creates charts that show you where your money is going. You also have the option to compare your budget with those of other Canadians like you.
Use the Budget Planner to make a budget.
Steps to make a budget

Take the following simple steps to make your budget.

Step 1: List your income, savings and expenses

take your recent pay stubs, bills, and account statements

enter the amount of income, savings and expenses into each category of the Budget Planner

if you can't find a field for a specific item, you can always add and name your own items

When you're done, review the amounts to make sure you didn't forget anything. These items should represent your current situation.

As you're entering data, the tool will give you tips to help you save more and/or spend less. Consider those tips to balance your budget.

When you're done creating your budget, save it online so you can return to it anywhere, at any time.

Step 2: Review your results

The results section provides you with average guidelines. These guidelines tell you what Canadians usually spend or save for each budget category, for example, food, housing, clothing, insurance.

Look at the different alerts you receive for each category:

green thumbs up: this amount is within the average range

yellow warning sign: this amount is slightly above the average range

red hand sign: this amount is above the average range

These alerts will help you determine where you should focus your attention or try to reduce costs. Everyone's situation is different and while the guidelines can't apply to everybody, they provide a good starting point.

Review your results graphics, they give you a clear visual of your overall budget. You'll see a graphic that shows you how your budget compares to those of other Canadians in similar situations. It's valuable to compare your financial habits with people with similar age, income, housing and family situation.

Step 3: Review your next steps

In the next steps section, the tool gives you personalized suggestions. These suggestions are based on your situation and what you have entered in your budget. They help you figure out your next steps whether you have money left or are overspending.

Read them carefully and follow the links to useful educational tools and content to improve your budget.

Tips to help you stick to your budget

Now that you have a budget, try to stick to it and improve it as you go.

To help you with this task, try the following:

keep all your receipts and bills

limit your spending as much as possible to what's in your budget

update your budget with any changes, for example, a pay raise or a bill increase

compare your budget to what you actually spend at the end of each month

Evaluate your budget from time to time. If your actual spending often varies from your budget, adjust your figures to make it more realistic.

When comparing your budget to your actual spending, ask yourself the following questions:

are there large differences between your actual spending and your budget

which categories have the largest differences

are differences due to an unusual situation or is this likely to happen each month

can you save enough money to reach your financial goals or pay off your debts

Continue with this exercise each month. You can set a reminder or book time in your calendar to review your budget regularly. If you make it a habit, you are more likely to stay on track.

Related links

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budget; managing your money; financial goals; tracking my money; my financial needs; my financial wants; tracking your money; your financial needs and your wants; budget planner; personal budget; budget maker

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Tips on how to make and stick to a budget. Consider your needs, wants, spending habits and financial goals.

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This website is good for students to plan their future, they can use this calculator to average how much money they are eligible for from the government to help plan for their studies ahead. This website can show you an estimate amount so you will be able to know how much money will be allotted to studies, books, transportation and rent. With the budget planner i have attached as well you can use the two together to properly budget and take the funds you need to succeed instead of taking all the money that's being given to you which can ultimately put you into further debt.

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OSAP Aid Estimator for Full-Time Students: Home Page

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This image is a survey from 2009-2010 which shows on average the amount of new graduates that are in debt and the different types of debt. Sadly fast forward too 2024 and I'm sure the numbers are higher, with the higher interest rates and the cost for tuition increasing significantly.

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This image states the total student loan debt was in the billions, do you know how many students that is struggling to pay off debt just because they wanted to further their education and get a better job to be able to provide for their families. And how many people are struggling to repay this student debt.

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This topic is relevant for me because i will be in so much student debt once i graduate, so learning the repayment process and how to manage your money with making payments every month and having to pay other bills such as rent will be difficult but with the budgeting tips I've learnt about during my research will definitely help me in the future.

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The most important thing i would share with someone is ensuring they do their research first. Ensure you are using all your resources, and pick the school that is best for you and your budget.