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The cost of post-secondary education has risen exponentially over the past few decades. According to the Canadian Federation of Students, from 1990 to 2014, the national average for tuition fees has seen an increase of over 155% (Burley and Awad, 2014). Hundreds of thousands of students in Canada take on loans to afford the high cost of post-secondary education, and they graduate with varying amounts of debt.

In today’s society, many graduates do not find a job in their field of study upon graduation, causing immense pressure on new graduates who must repay their student loans in addition to their other living expenses. Many graduates spend their first year post-graduation being unemployed, doing unpaid internships, or taking on multiple low-income jobs. While post-secondary education is a requirement to succeed in today’s labour market, public funding has failed to keep up with the rising demand for higher education.

In this webpage, I will be providing videos, images, and websites which offer useful strategies to pay off student debt and how to avoid student loans in the first place. Each link offers a different perspective in dealing with student loans. I hope that you learn something new and that you pass on this new knowledge and wisdom to current students who have school debt and students who are about to embark on their journey to post-secondary education.

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This graph shows the complexity of a student loan application everywhere in Canada, based on report by the Canadian Centre for Policy Alternatives (CCPA). I chose this image because I wanted to show how Ontario is putting students in debt by making it difficult to apply for a student loan, despite having the highest tuition fees which force students to seek student aid in the first place. While the Northwest Territories has a 17-step process, most provinces have around 40 steps. However, Ontario has a lengthy 94-step process to be eligible for student aid. The CCPA report also found that Ontario, Nova Scotia, and Newfoundland do not offer a student loan guide. Many students have difficulty understanding, navigating, and completing questions through the system, such as the OSAP application. This shows a need for a proper student loan guide in Ontario, and other provinces. There are also issues with the process because once the application is submitted, no changes can be made. This makes it difficult for unforeseen circumstances, such as a parent suddenly losing his/her job. This image stresses the importance of having a backup plan and other aids in place, just in case you does not qualify for a student loan or grant, or if the loan or grant is not enough to pay for full education.

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VIDEO #1: Canadian Student Loan Tips on Breakfast TV		(https://www.youtube.com/watch?v=7BO1fT0wcq8)

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VIDEO #1: Canadian Student Loan Tips on Breakfast TV		(https://www.youtube.com/watch?v=7BO1fT0wcq8)

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In this video, Dan Chometa, Community Outreach Manager at Consolidated Credit Counseling Services of Canada, provides helpful tips for students dealing with loans. I chose this video because I wanted to emphasize that there are many ways to avoid and lessen student debt. Some tips mentioned in the video include paying back the loan before the grace period ends to avoid high interest, working a job that is not in their educated field or working multiple jobs to pay back the loan, and utilizing some of the government assistance services. The most useful advice mentioned in the video was taking out a loan before each year of school, and not a big loan for the full two or four years. That way, after each year, a student can work over the summer to pay off as much of each year’s loan before applying for another loan for the next year. As a result, a student will accrue a smaller debt to be paid back once their education is completed. The sooner the debt is paid, the less it affects a credit score, which is necessary for large future purchases, such as a home.

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Community Outreach Manager of Consolidated Credit Counseling Services of Canada

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Consolidated Credit Counseling Services of Canada

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Consolidated Credit Counseling Services of Canada

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Canadian Student Loan Tips on Breakfast TV

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Many young people are forced to deal with student debt. Dan Chometta, Community Outreach Manager of Consolidated Credit Counseling Services of Canada ( http://www.consolidatedcredit.ca ) offers student loan tips to Canadians on Breakfast TV. More information on this topic can be found on www.consolidatedcredit.ca/personal-finances/life-events/student-debt/.

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This chart compares the 2014-2015 average tuition and compulsory fees for full-time undergraduates across Canada with the 2017-2018 projection. I chose this image because it is important to know that the higher the tuition fees are, the higher the student loan will be. Every province will continue to raise tuition fees, but it is important to note the provinces with the lowest fees, including Newfoundland & Labrador and Quebec with fees under $3,000. This is a big difference in comparison to the provinces with the highest tuition fees, including Saskatchewan with a fee of over $7,000, and Ontario with a fee of over $8,000. A smart way for students to avoid or lessen high debt is to consider going to a post-secondary school in another province with low tuition fees. However, it is important to know the rules and requirements when applying to schools outside of the province, because some of these lower tuition fees apply only to in-province residents. Nonetheless, future post-secondary students should be aware of the rising tuition fees and plan ahead to avoid getting a student loan.

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This infographic comes from the Canadian University Survey Consortium 2012 study of over 15,000 graduating students. I chose this image because there are interesting facts that every student can either relate to or learn from. Some highlights include two-thirds of students graduating with some debt, one-third of graduates having more than $20,000 in debt, and six in 10 graduates are working. What is most interesting is how students fund their education, which is through multiple ways, including working summer or ongoing jobs, having government assistance, and getting help from family. However, it surprised me to know that 28% of respondents funded their education through scholarships and awards. This is a useful way to avoid or lessen student debt because there are thousands of scholarships, bursaries, and awards to apply to every year. In fact, a survey from Scholarships Canada found that $5 million worth of private and public scholarships go unclaimed every year, which is equivalent to paying tuition for almost 700 University students. Students should be applying to any scholarships, bursaries, grants, and awards they qualify for because it is possible that they will receive at least some help funding their education (Lalani, 2015).

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WEBSITE #2: How to Pay off your student loans in a year (http://careers.workopolis.com/advice/strategies-to-pay-off-your-student-loan-now/)

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WEBSITE #2: How to Pay off your student loans in a year (http://careers.workopolis.com/advice/strategies-to-pay-off-your-student-loan-now/)

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This website offers effective strategies to pay off a student loan as soon as possible. According to the National Student Loan Centre, it takes an average of nine years for Canadian students to pay off their student loans. I chose this article because it is was written by someone who paid off $17,000 of a student loan in one year, and is now sharing some of the strategies used to help pay it off. It is a true success story that is worth sharing. Some of the strategies discussed include comparing interest rates among credit lines and loans, using lump sum reimbursements like income tax refunds to put towards the loan, using cash to pay for things instead of mindlessly using a debit or credit card that will increase debt, and cutting costs in other areas like gas, insurance and eating out. An interesting piece of advice given in this website is to sign up for a credit card that offers reasonable rewards with no annual fees, such as Tangerine’s 2% money-back rewards card. The author uses a great example; if you spend $1000 per month on your credit card at 2% cash back, that totals to $240 per year which can be used to help pay your student loan. However, this tip only works if you make regular payments to your credit card. Ultimately, sacrifices must be made in order to pay off your student loan, but you will be happy once the burden is gone.

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According to the National Student Loan Centre, it takes an average of nine years for Canadian students to pay off their student loans.

With recent media outlets indicating that Canadian student debt is topping $25,000, it's becoming increasingly important for students and new graduates to implement debt repayment strategies.

Although these figures may seem slightly alarming, don't fret! It's possible to repay your student loans in a relatively short period of time (in my case, $17,000 in just one year).

Here are five simple, effective strategies to successfully start paying down your student debt.

Read the fine print

There are some common misconceptions surrounding the grace period of student loan repayment. For example, in Ontario, payments for the provincial portion of the loan are not required in the first six months post-graduation. However, interest on the federal portion (prime rate plus 2.5 per cent) of the loan begins from day one, causing a considerable amount of additional debt to add up. Consider starting repayment as soon as possible after graduation to get a head start on downsizing that debt.

Many students also don't compare interest rates among credit lines and loans. On rare occasions, a student line of credit from a financial institution may boast a lower interest rate than the national student loan; one could be used to pay off the other, while maintaining the balance owed on the lower interest line.

Cut costs

Go through your banking and credit card statements, monthly bills, and receipts to create a realistic budget that will set you on the path to financial freedom. To create a budget that you will actually stick to, tally up all of your monthly expenditures to get your spending baseline.

When I first attempted this exercise, I realized I was spending more on Starbucks coffees and Saturday night outings than I was on food in my fridge. With adjustments to my spending habits, I was able to pay down additional debt each month instead of unnecessary spending.

Additional ways to save big:

Explore your bank's plans to avoid service charges and annual fees; avoid ATMs outside of your bank

Compare home and car insurance rates for the best price

Shop around for the most affordable cable, mobile, and internet services

Pack lunches, make coffee at home, and meal plan prior to grocery shopping

Avoid convenience purchases at gas stations or a drive-through

Budgeting

Now that you are aware of your spending habits, make a list detailing your monthly income compared to your necessary living expenses. Include rent, utilities, cable, internet, cellphone, transportation, groceries, toiletries, gifts, a reasonable entertainment allotment, and most importantly, debt repayment. Making debt repayment a priority in your budget is an effective way to stay focused on your goal and to ensure money is not spent on non-necessity items.

Free budgeting apps such as Dollarbird or Mint help to track daily purchases and automatically calculate monthly balances, so you can stay on top of your budget while on the go.

Pay yourself first

As suggested by financial guru Gail Vaz Oxlade, another way to ensure debt repayment is a priority in your budget is to pay yourself first. Many new grads don't adjust their monthly loan payment from the minimum rate, even after they have secured employment. This mistake allows more interest than necessary to accrue over time, ultimately increasing the debt and extending the duration of your payments.

With each paycheque, make payments to yourself that are applied directly to your line of credit or student loan. Once I found full-time employment, I was able to increase my minimum monthly payment by 500 per cent.

Another strategy is to use lump sum reimbursements, such as your income tax refund, directly towards repayment. My first income tax return after graduation significantly helped lower my debt, as I was able to apply all of my remaining tuition deductions and textbook credits for that year.

Cash or credit

There are many student- and new grad-friendly credit cards, which offer reasonable rewards with no annual fees. The American Express (five per cent) or Tangerine (two per cent) cash-back rewards cards are a great option to obtain a percentage back on your purchases. For example, if you spend $1,000 per month on your credit card at two per cent cash back, that's $240 per year that you can apply directly to your student loan.

However, this is counterproductive if you cannot pay your credit card balance at the end of the month, allowing interest rates averaging over 18 per cent to accumulate.

In this case, the old piggy bank strategy works too. Having cash-in-hand can sometimes feel more tangible than swiping plastic, helping to ward off mindless spending. Put a weekly stipend of cash into separate jars or envelopes for categories like food, transportation, and toiletries; having a set amount of money to work with may help to ensure you stick to your budgetary goals each week.

Key takeaway

Naturally, you will need to make certain sacrifices to successfully budget and pay off your student debt; compromise on what you can and can't live without to keep your goals realistic and attainable. With these strategies (and some determination and dedication), you will surely chip away at your student debt and find yourself closer to financial freedom.
See also:
Canada's highest-paying entry-level jobs available now What to do once you've graduated with a fine arts degree 5 wardrobe staples students need when entering the workforce
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How to pay off your student loans in a year - Workopolis Blog

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According to the National Student Loan Centre, it takes an average of nine years for Canadian students to pay off their student loans. With recent media outlets indicating that Canadian student debt is topping $25,000, it's becoming increasingly important for students and new graduates to implement debt repayment strategies.

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VIDEO #3: Ontario Mortgage Broker reveals 5 Ways to Avoid Student Loan Debt (https://www.youtube.com/watch?v=zWQMzgtLMpk)

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VIDEO #3: Ontario Mortgage Broker reveals 5 Ways to Avoid Student Loan Debt (https://www.youtube.com/watch?v=zWQMzgtLMpk)

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In this video, Dan Cimbron, an Ontario mortgage broker at Mortgage Edge, explains a few ways to avoid student loan debt. I chose this video because he offers a different perspective in avoiding debt and funding education that other videos did not mention. His advice included avoiding non-government loans with higher interest rates and less repayment flexibility, using your mortgage your fund education, and finding schools who are looking for select students based on background, talents, etc. that will offer reduced fees. The most useful advice from this video is to think of the return on investment when choosing a school and program of study. While students should be choosing a program and school that interest them, it is also important to know the job prospects and average pay. There is no sense in investing two or four years in school in a diminishing field where there will be few jobs left or to have a job that earns slightly above minimum wage.

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Ontario Mortgage Broker reveals 5 Ways to Avoid Student Loan Debt

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Ok, today we're going to talk about how to keep your kids' out of debT. The last time I checked, the average student's debt is currently almost $30,000, and it'll be even higher by the time your kids graduate!

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This website provides helpful ways to avoid student debt in the first place. A couple of the tips include opening a savings account, such as a TFSA, before going to post-secondary school to help pay off the loan later, and applying to countless scholarships, bursaries, and grants that do not have to be paid back. Another important piece of advice is not to rush into post-secondary education by taking time off to work to afford some of it, or to take your time by going to school part-time while working full-time. The most useful pieces of information from this website are the tips to avoid increasing student debt while in school. The tips include budgeting and monitoring expenses, purchasing used textbooks, avoiding tempting credit cards, and avoiding eating out as much as possible. Many people use their loan money or new credit card to pay for textbooks and dining out, which consequently increases their debt owed. This website is also helpful because it lists several additional links at the bottom of the page related to dealing with student debt.

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Student Debt Relief | Student Loan Forgiveness

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As a college student, there's no doubt you may end up with student debt. Almost all college students will receive some form of student loan during their college career. After graduation, this debt can sometimes seem overwhelming; but fortunately, there are ways to relieve some of the debt and the stress that goes along with it. By following a few simple tips, you can avoid student loan debt, or at least make it more bearable.

Save your money as early on as possible. By saving your cash before and during college, you can help to repay those loans much more quickly once they become due. Get a part time job, have a yard sale, or begin a savings account so that you will have extra money to pay off the loans and payments that will quickly accumulate.

Take your time, and don't be in a hurry. While everyone wants to graduate and get a new career as soon as possible, it is important to keep in mind that the longer you're enrolled, the longer you can put off repaying those loans. Try out part time school, and work part time if you can. While this method won't work for everyone, it can help ease the stress of being a full time student while allowing you to earn money and get a jump-start on paying back your loans.

Get as many scholarships as you can. The difference between loans and scholarships is that you won't have to pay those scholarships back. There are literally hundreds of different types available, so look into these as soon as possible. The more you are awarded, the less money you'll have to dish out to student loans. Even if you earn a couple of smaller scholarships, every little bit helps to whittle down that student loan balance.

Become an intern. A lot of internships are unpaid, but there are also many that do pay. It might not earn you as much as a full time career, but you will be able to simultaneously earn a paycheck and gain important experience along the way. Do your homework, and try to find an internship with a local company that offers positions for college students.

Get granted a grant. Similar to scholarships, grants do not have to be paid off and can go towards your college education. The government offers several different grants, but be sure to pay close attention to the guidelines before applying. Grants are typically given to people who have certain financial difficulties, while scholarships are given to people who have different abilities in things like sports, the arts, writing, or other facets. Your financial aid counselor can walk you through the grant application process, and see if you qualify.

Aside from paying off those student debts, you will need money while you're in school. College students are usually on a tight budget. Between paying for books, room, and board as well as hanging out with friends and of course, pizza, college can be quite expensive. It is a good idea to learn how to budget your money before you get to school so you don't end up in debt or short at the end of each month when it comes time to pay your bills. Here are a few tips to help you budget your money while in school.

Avoid tempting credit cards. Credit card companies often prey on college students. Avoid applying for one if possible, or else you will most likely end up with more debt than just student loans. Credit cards can be great in an emergency, but they can also be very tempting, especially when you want to buy that pizza or go out for a night on the town.

Write down your expenses. Budgeting is the key to saving money, and to being able to pay bills on time. Write down every bill you have, as well as money you spend weekly or monthly on extra things like food, clothes, and hanging out. When you can see everything in front of you, it's easier to figure out how much extra you will have to spend.

Buy your own food. Try to avoid going out to dinner often, and stay away from fast food. If you live in the dorms, stick with eating at the school cafeteria since most colleges add that in to your tuition fees anyway. If you live on your own, buy groceries and make your meals at home. Not only is it healthier, it costs less too.

Get your textbooks used. Books are a huge part of college expenses. Most school book stores have used sections where your textbooks can cost a fraction of the cost new. Look online as well; many websites sell textbooks there used for a great price.

Additional Resources Can be Found at:

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How to Avoid Student Debt | Student Debt Relief

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As a college student, there's no doubt you may end up with student debt. Almost all college students will receive some form of student loan during their college career. After graduation, this debt can sometimes seem overwhelming; but fortunately, there are ways to relieve some of the debt and the stress that goes along with it.

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This video simply explains the various ways to pay back OSAP once studies are complete. I chose this video because it is a great “Repayment 101” video that offers tools, such as a link to a loan repayment calculator, as well as services and other assistance to help the many students with OSAP. For graduating students worried about their loan, they can seek help with their payment plan by extending the plan and lowering their monthly payments. An interesting piece of advice given in the video is that students can extend their grace period to one year if they work or volunteer in the not-for-profit sector, or start their own business in Ontario. Young generations are more inclined to help not-for-profit organizations, and they are also more intelligent and innovative to start new business ventures. There are thousands of students on OSAP who need to watch videos like this to know how to pay back their student loans and to be aware of the assistance available to ease the stress.

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This website, created by the Financial Consumer Agency of Canada, offers help in paying back student loans. I chose this website because it lists and explains many important things to consider before beginning repayment, including how much you owe, who you owe, how much you will pay each month, and how long it will take to repay The website offers some tips in repaying your student loan, including making lump-sum payments while attending school, increasing your monthly payment amount, and setting up automatic payments with your financial institution so you do not miss any payments. The most useful piece of information from this website is what happens if you cannot repay your student loan. If you miss payments on your student loan for nine months or more, your loan is considered to be “in default,” meaning it will be sent to the Canada Revenue Agency (CRA) for collection. In addition, if you file for bankruptcy within seven years of graduation, you still have to continue paying back your student loan. For students graduating with debt, this website is a great guide to the repayment process, other repayment options, and the consequences of failing to repay.

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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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Reflection Questions: Word File Attached

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Reflection Questions: Word File Attached