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How student loans negatively impact people

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How student loans negatively impact people

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In this video, Erika goes over the negative impacts of student loans and student lines of credit as well as go over FAQs regarding student loans.

I am including this video onto the list as it provides useful information regarding the connotations of student debt and how scholarships work. This information is useful to students as not everyone understands how these work or may have questions that this video answers.

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What Students Don’t Know About Student Loans in Canada

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Advice for students and parents about student debt

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Advice for students and parents about student debt

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In this video, Jenn goes over tips for students, parents, and people thinking about going back to school about how to graduate with little to no debt.

I am including this video mainly for parents of students because Jenn has sound advice for parents such as not paying for their child's education because students that have everything paid for by someone else don't work as hard as students that work hard to pay for things themselves.

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GRADUATE WITH NO STUDENT LOANS IN CANADA! / Guide for parents and students on zero school debt.

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What to do should your debt become too much. Nathan LaPensee

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What to do should your debt become too much. Nathan LaPensee

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This website and company provide students with an assortment of solutions to help them overcome their debts with strategies based on the student and their income and expenses before assisting the student in filing a consumer proposal or bankruptcy.

After discovering this website, I spoke to Amy, a debt relief specialist, via a live chat. She answered the questions I had regarding what their company does with students when they come in with their debt. After hearing what she has said, I am including this website on this list because they provide students with assistance in creating a plan to help them overcome and pay off their debt or file for a consumer proposal or bankruptcy if the debt is too much for the student to pay off on their own.

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Are you having trouble paying off your student loans? Depending on the type of loans and how old they are, you have choices.

Starting Your Career in the Red

Beginning a career with existing debt while making a lower than average income as an entry level employee creates a cycle of struggle for many graduates. Many are not able to build an emergency fund to cover surprise expenses and are forced to delay major life goals such as buying a home and starting a family. When faced with unexpected bills and no funds to spare, consumers turn to credit cards or payday loans in an attempt to get ahead but are set back further when they are hit with high interest rates and fees.

Don't Make This Mistake!

Recent graduates struggle to make ends meet for years before they seek help because they are not aware of their options for student debt relief. While there is a 7-year stipulation on including your student loan in a bankruptcy, there are other alternatives and special circumstances that you may qualify for.

If you're experiencing any of the following symptoms you should contact a Licensed Insolvency Trustee to learn all your options for dealing with student debt:

Worry over finances and rising debt

Loss of sleep

Collection calls

Past due notices or difficulty paying bills on time

Increasing overdraft or line of credit use

Using multiple payday loans to pay expenses

Making credit card payments with other credit cards

Wage garnishment, account seizure, or lawsuits

What Are My Options?
A Licensed Insolvency Trustee can access your situation and provide clarity on any choices you can make to improve your financial situation. Depending on your circumstances, if you've surpassed 7 years since completing your studies your options may include negotiating a new payback structure with through a consumer proposal or filing bankruptcy to eliminate the debt completely. An important note is that the 7-year rule begins from the official date the student stopped studying. To clarify the date, contact your loan provider.

For those with student loans less than 7 years old that have not missed payments, the government offers additional options for debt relief.

Qualifying for Financial Hardship

The Bankruptcy and Insolvency Act has a special rule for people who can prove financial hardship to show they have acted in good faith and will continue to experience financial difficulty so that they are unable to pay back the student loan. To apply for financial hardship you'll need to determine whether you have Canada Student Loans, provincial student loans, or both. If you have both, you only need to apply to the Canada Student Loan program. If you ceased studies more than 5 years ago, you may be eligible to seek debt relief through insolvency and have the loan fully discharged. There are also a number of different programs for debt relief through provincial loan providers, so contact your specific provincial body to learn what is available to you.

Payment Restructuring, Interest and Debt Relief

Both Canada Student Loans and provincial student loans offer various payment restructuring, interest relief, and debt relief programs. The standard repayment term for Canada student loans is 9.5 years, but if you have lost your job or had a reduction in income you can request for the term to be extended temporarily or permanently to make the payments more affordable for your budget. Unfortunately, this means you pay more in interest. You can also request to make payments towards the interest only to reduce the monthly payment amount and provide relief up to a maximum of 12 months over the term of your loan.

Non-Discharged Debt

Even if you haven't surpassed the timeline to discharge the debt from bankruptcy, you can still seek relief from additional creditors to help you make managing monthly payments more affordable. Depending on your circumstances you may qualify for an insolvency solution, creating one low monthly payment you can afford that allows you to seek debt relief from other creditors while continuing your student loan payments.

Only a Licensed Insolvency Trustee can provide a thorough evaluation of all of your options. Contact Doyle Salewski for a free, no-obligation consultation to learn what your options are for student debt relief in Ontario and Quebec.

Doyle Salewski is here to give you options to choose your path to freedom from debt. Find the best debt relief option for you here.

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Get Out of Student Debt Faster | Doyle Salewski Inc.

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Are you having trouble paying off your student loans? Depending on the type of loans and how old they are, you have choices. Beginning a career with existing debt while making a lower than average income as an entry level employee creates a cycle of struggle for many graduates.

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Tips on making a budget depending on your type of debt

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Tips on making a budget depending on your type of debt

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This website provides you with tips you can use in order to pay off specific debts and provides a resource to calculate the best rate of repayment for your finances as well as a tool to create a budget.

I chose this website to add to the list because it provides great tools for students trying to create a budget for many types of debts they might have.

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Information about who you need to pay and when to pay it.

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Information about who you need to pay and when to pay it.

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This website provides information about who you're actually lending money from depending on the province and when you need to pay the loan.

I chose to add this website to the list because students might have a different person they are loaning from depending on where they live in Canada. It also tells you when you need to pay off your debt depending on your type of loan.

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students; student loans; personal finance; education; educational institutions; savings; university; college

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How and when you need to pay back Canada Student Loans and student lines of credit. Find out what to do if you have trouble making payments.

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This website provides you with tips on how to manage your loan with advice like creating a tracking system for your spending and to consider your expenses when creating a budget.

I chose to add this website because it provides numerous tips on how to manage your loan such as avoiding creating credit. It is important for students to be informed of ways on how to successfully pay it off and this website provides multiple ways to do so.

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Heading to college or university can be an exciting experience. With that experience comes many firsts; first time living away from home, having a roommate, buying groceries, getting a loan and managing money. Getting a student loan and managing money can be a big adjustment- one that can provoke stress and anxiety. Like buying school supplies, dorm room decor and stock piling goodies from Mom, getting your finances in order before heading off to college or university should be a key part of your preparation.

Perhaps you have earned some money over the summer and have been saving to further your education. Scholarships, bursaries and part-time jobs can help cover costs, but government student loans and grants remain the main source of funds for many Canadian students.

The average undergraduate tuition in Canada rose to $6,373 for the 2016-17 academic year, with the province of Ontario leading the way at $8,114. - Globe and Mail

Whatever your situation is, take some time now to prepare for the months ahead.

Consider these money tips to help make your earned money and student loan last the full school year.

Calculate your funds available - After you apply for a student loan, you will receive a notice stating your allocated student loan amount. Determine what your tuition will be for coming term or year and calculate what money you will have remaining after tuition is paid. Take into consideration the cost of books and supplies and subtract that amount.

Set aside an emergency reserve that you can use if something unplanned happens. A small amount can go a long way if you run out of food or you need to get home to see family. What you have left is for your living expenses and needs to last the whole term or school year. Part-time earnings may supplement your funds but otherwise you need to make the money last. The remaining balance is better off in a savings account where you will not be tempted to spend it.

Determine a monthly amount - Divide the remaining balance, or a portion of it, by the number of months (e.g. 4 for September to December term or 8 for September to April). This is your monthly spending allowance. You should transfer this amount to a chequing account at the beginning of each month as your monthly allowance. Remember, you are not obligated to spend the full amount of your student loan.

Consider your expenses- Take into account housing, transportation, telephone, Internet, food, toiletries, eating out, entertainment, any other expenses that you might encounter. Establish a weekly or monthly amount for every possible expense. Use cash for your variable expenses, it is easier to see how much you have left as credit or debit slips from vendors don't provide your account balance. This should make it easier to stick to your plan.

No experience in making a budget? Our member, the Credit Counselling Society can help. Access their free downloadable student budget calculator worksheet for Excel.

"Government loans and grants can certainly help finance an education, but the problem is students often do not keep track of smaller expenses - such as entertainment, hair cuts, clothing, and coffees - that can add up. What often happens is that they run out of money before the end of the semester." Patricia White, Executive Director of Credit Counselling Canada - Globe and Mail

Set up a tracking system - There are many ways to tracking systems from receipts, notebooks and excel spreadsheet to cell phone apps. Find what works best for you. Be aware that miscellaneous expenses might quickly add up with coffee, clothes and assorted other items that should have their own category if they happen several times in a month. If this happens you might need to revise your tracking system and add additional rows or categories for these expenses.

Keep track of every expense - Regardless of what tracking system you are using, the main thing is that you dedicate a few minutes every day to record all your spending. Make it a habit. After a couple of months you will begin to see a pattern to your spending and ensure that you are staying within your plan.

Revisions may be necessary - Make changes to your monthly spending amounts if you exceed your original monthly allotments. You may need to reduce some other expenses if you find that your necessities are costing more than you estimated. Continue tracking to ensure that you are not spending more than you have.

Avoid credit - Credit is not available money for you to spend. It will limit your income with interest charges and reduce your next month's allotment particularly for expenses that are not planned. Stick to your plan without using a credit card.

Remember, you are responsible for your student loan. This may be your first real opportunity to prove yourself as a borrower. Make sure the documentation is kept safe and secure; consider keeping a photocopy with you and safely store the original document at home. Before you leave home set up a file or folder to store your important information. Read over your student loan document and ask any questions before signing the document and know when you will have to start repaying your student loan.

Lastly, don't be afraid to ask someone for help. Your campus will likely have a student financial aid office and professionals who can help you. And, you can always reach out to a member of Credit Counselling Canada for assistance or access their many free online financial literacy tools.

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7 Tips to Manage Your Student Loan- Credit Counselling Canada

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Heading to college or university can be an exciting experience. With that experience comes many firsts; first time living away from home, having a roommate, buying groceries, getting a loan and managing money. Getting a student loan and managing money can be a big adjustment- one that can provoke stress and anxiety.

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In this video, Erika goes over how to find and apply for scholarships in Canada. As well as the different types of scholarships there are, the differences between them, and how to apply.

I included this video in the list since scholarships are a great way to help reduce student debt. Even if it's only for $200 it's still $200 less you have to pay for in schooling. Most people think scholarships are only for the smartest people or for the best athletes, but scholarships can be given to anyone as long as you fit the requirements for it. These smaller scholarships are also less competitive than the bigger ones so it's more likely you'll be chosen to receive it.

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This video explains how OSAP works in a more simplified way and what you need as requirements in order to apply.

I'm including this video on the list as I, and many others were confused when first looking at OSAP for grants or loans. This short video explains key points of OSAP and what you need in order to apply as well as what is needed when you apply such as tax information etc.

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This image shows a presumed recent graduate going into the job market after graduation. However, the student has amassed a large amount of debt on his shoulders and the job market only pays so much.

I chose this image since it's a fair representation of the real world, at least to me, of how students have it after graduation. they leave school with massive debt and a degree, only to have the job market pay so little that it's almost impossible for a recent graduate to survive with how much money they need between rent, food, and utilities, and add student debt into the mix and they can barely afford anything.

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This image shows the average amount of debt students have at a certain age.

I'm including this image to the list as it shows that people have that take on a student debt can end up taking years to fully pay off. This is why it is important to set up a budget plan so you can pay it off sooner and start saving money for yourself.

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Hello, my name is Nathan LaPensee. In this Padlet presentation, I will be discussing student debt and ways to successfully pay off your debt and even how you can pay it off faster.

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After researching this topic, I have learned that scholarships are much more accessible than I initially thought they were. I also learned that OSAP also gives grants as well as student loans and that you have 6 months before you need to start paying off your debt after you leave school.

What I found most interesting was that people take out loans for school but don't put in the effort to learn and succeed in their studies. Rather they go and party and unexpectedly fail or drop out and are left with a huge debt.

If I was to pass on my knowledge to a family member, the most important thing i would pass on is the importance of saving money. This is the most important thing to know because you can save yourself a lot of stress by learning a proper budgeting strategy from a young age so you don't spend a lot of money on something that wont last you a long time.