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Here you will learn about student loan debt through websites, videos, and images. Student loan debt is the major crisis among young students. The National student Loans Service Center in Canada is offering students various loans and repayments plans.

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This website communicates about the statistics of student loan debt in Canada. Most of the students who study in the college or university, have to rely on student loans to pay for the cost of tuition, text books, school supplies and housing. According to statistics Canada ,more than 1.7 million Canadian have student loan. The website explains about how many students received student loan over all, total amount of student loan debt , average loan amount to complete bachelor's degree and doctorate and average interest rate in Canada . Also this website explains about how does a typical loan borrower looks like.

I chose this website, because of statistics of student loan debt in Canada. One useful information I found is about paying back the student loan debt and the repayment plan and goal.

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The Average Student Loan Debt in Canada: Stats & Facts

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A student’s life might seem fun and cruisy, but it comes with plenty of expenses. In 2015, the average student loan debt in Canada was $28,000.

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This website communicates about Canadian Government's repayment assistance plans for Canadian students. The Canadian minister of employment announced an enhancement to repayment assistance plan. This enhancement will provide financial relief to young students who start their career. As of November 1, 2022, the zero- payment income threshold for Canada student loan and Canada apprentice loan increase from $25000 to $40000 for a family size of 1. Also this website mentioned about the new requirement of repayment of student loan and when and how to repay.

I chose this website, because this news is useful and give relief to students who have student loan debt and who is planing to take student loan. One useful information I found in this website is loan repayment will not be required until borrowers earn at least $40,000 per year. This is a good news for students who are struggling to manage repayments.

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Canada's future prosperity depends on youth getting the education and training they need to find good jobs. The Government of Canada continues to make significant investments to ensure that young people have access to the supports they need to complete their studies and transition successfully to the workforce, and build the careers they want for themselves.

Today, the Minister of Employment, Workforce Development and Disability Inclusion, Carla Qualtrough, announced enhancements to the Canada Student Financial Assistance Program's Repayment Assistance Plan. These enhancements will provide important financial relief to young Canadians as they begin their careers.

As of November 1, 2022, the zero-payment income threshold for Canada Student Loans and Canada Apprentice Loans will increase from $25,000 to $40,000 for a family size of one. Repayment will not be required until borrowers are earning at least $40,000 per year. This amount will be adjusted upward based on family size. Additionally, the cap on monthly affordable payments will be lowered from 20% to 10% of a borrower's household income, ensuring that no borrower has to pay more than they can reasonably afford. These enhancements to the Repayment Assistance Plan are estimated to benefit approximately 180,000 borrowers each year.

These changes align with the Government of Canada's implementation of the 2030 Agenda for Sustainable Development, which was adopted by the United Nations to help build stronger, safer and more inclusive communities that leave no one behind. In particular, the changes support Canada's commitment to inclusive and equitable quality education and lifelong learning opportunities for all, to help achieve Sustainable Development Goal 4: Quality Education.

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employment and social development canada

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Employment and Social Development Canada

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The Government of Canada makes repayment assistance plans more flexible for Canada Student Loan and Canada Apprentice Loan borrowers

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Canada's future prosperity depends on youth getting the education and training they need to find good jobs. The Government of Canada continues to make significant investments to ensure that young people have access to the supports they need to complete their studies and transition successfully to the workforce, and build the careers they want for themselves.

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Website # 3 bankruptcy and student loan debt

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Website # 3 bankruptcy and student loan debt

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This website communicates about the relationships within bankruptcy and student loan debt. According to statistics Canada, many students are not able to pay back their loan and ended up in bankruptcy. If you have not been a student for seven years and did not start to repay the student loan debt , then it will be discharged into the bankruptcy. It is hard to get another student loan after the bankruptcy but still you can apply for it and proof it under the act.

I chose this website, because this page contains useful information about the relationships between bankruptcy and student loan and how bankruptcy affect the students. One useful information I found is the student loan advice and strategies to overcome this stressful periods.

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With rising tuition fees and associated costs, many students leave Canadian universities and colleges with significant debt. As a result, student debt bankruptcies and the need for student debt help are more commonplace than you may think.

Whether a graduate or not, if you need help with student loan debt you should know that the usual consumer proposal and bankruptcy processes may differ slightly. That's because student loan debt is treated uniquely in the legislation, but it can typically be managed by debt strategies tailored to past students.

Are Student Loans Discharged in Bankruptcy?

The short answer is yes. As set out in the Bankruptcy and Insolvency Act, student debt is automatically discharged in a bankruptcy in Canada if you haven't been a student for at least seven years. That means attending any school.

The seven-year period can be reduced to five years in cases of financial hardship, but there is a burden of proof. You must demonstrate not only that you used your student loan in good faith (i.e. for education and/or related living expenses), but also that repaying your loan is causing significant ongoing financial difficulty.

Can Student Loans Be Settled in a Consumer Proposal?

Unless your loan provider specifically votes otherwise, the seven-year limit also applies to consumer proposals. That means your student debt will not be automatically discharged or released unless it has been more than seven years since you attended school.

Bear in mind, however, that lenders cannot collect on student debt while a debtor is in a consumer proposal due to the protection provisioned by the Bankruptcy and Insolvency Act. So, you may be able to expect a measure of student debt relief as part of a consumer proposal, but your student debt will still be there when the term of your proposal expires.

Can I Get a Student Loan After Bankruptcy?

Although there is life after bankruptcy, you may encounter some residual challenges. If, for example, you intend to enroll at school, but you have a bankruptcy in your past, you may find it more difficult to obtain a loan or qualify for financial assistance.

There is nothing stopping you from applying, but you must disclose if you've filed any proceeding under the Bankruptcy and Insolvency Act -including consumer proposals and bankruptcy (discharged or undischarged).

If you have pursued insolvency proceedings in your past but it didn't relate to student debt in any way, you may find that your ability to obtain a student loan has not been affected. The final decision will be made by the lender or awarding body.

Alternative Student Loan Advice and Strategies

If your student debt is causing financial hardship, you may be able to seek alternative remedies without having to make a consumer proposal or resort to bankruptcy.

1. 1. Seek Better Terms from Your Lender

You may be able to apply for some type of debt relief from your lender, whether it's reduced monthly payments or a lowered interest rate. The only way to find out is to contact your lender directly.

2. 2. Check That Your Student Loan Really is a Student Loan

Student loan debt is governed by specific laws-but is your debt actually student debt? If you obtained your loan from a chartered bank, it may simply have been a bank loan marketed towards students. If that's the case, you may qualify for a much wider range of debt-relief tactics, strategies, and processes.

3. 3. Speak to a Specialist

Dealing with significant debt is a challenge at the best of times. When you add the special terms and legislation that governs student debt, the situation becomes more complex. If you're not sure how to proceed, your first step should be to connect with an MNP LTD Licensed Insolvency Trustee to explore the options available to you.

All MNP Licensed Insolvency Trustees are members of CAIRP (Canadian Association of Insolvency and Restrucuring Professionals). CAIRP is a non-profit Canadian organization who advocates for a fair and effective system of insolvency and restructuring administration.

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With rising tuition fees and associated costs, many students leave Canadian universities and colleges with significant debt. As a result, student debt bankruptcies and the need for student debt help are more commonplace than you may think.

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This website communicates about the student loan, requirements to apply for student loan, factors that influence the loan amount,  how to repay, organizations which provide student loan, and the consequences if not repay the loans. Most of the student get fund for the school form the government programs which is flexible and low interest rate. But not everyone can receive it for many reasons. But there are some other organizations offer students loans such as student loan, personal loan, student line of credit and credit cards.

I chose this website, because this website contains lots of useful information about student loan, which is more beneficial for student who would like to apply for a loan. One useful information I found here is the provincial student loan providers and their informations.

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Most young Canadians will pursue some post-secondary education, and according to Statistics Canada, almost half of those students will take on student loan debt to do it. In fact, with the average student loan balance estimated at $17,000, student loans can be a harsh introduction to the cold reality of debt for many young 20-somethings.

Because student loans impact young Canadians with limited earning potential, and the balance on student loans tends to be so high, it's worthwhile to learn as much as you can about student loans in Canada. With the right information, you could minimize the financial hardship caused by student loans while still attending post-secondary education.

Student Loans in Canada: The Basics

The term "student loan" encompasses a broad array of financial products, from personal loans, and bank-issued student lines of credit, to government-backed installment loans. In Canada, the most common type of student loan is issued by the provincial or federal government (or sometimes both), so that's where we're going to focus the majority of our attention.

Government Student Loans

The Canadian federal and provincial governments offer student loans that cover not just tuition, but also textbooks and living expenses. Federal and provincial student loans might not cover 100% of your costs because the amount you'll receive depends on your needs. When you apply for a student loan, your loan issuer will take many variables into account to assess the size of the student loan you'll receive. These variables include:

Your income

Your parents' income

Your partner's income

Whether you are attending part-time or full-time study

How much time has passed since you graduated from high school

The type of post-secondary education you are planning to pursue

Whether you have dependents

Whether you have access to Registered Education Savings Plan funds

Whether you are planning to relocate for post-secondary

Whether you have money saved in registered or non-registered accounts

Additional information on extenuating circumstances

Using this information, your loan issuer will determine your need for financial aid. You may receive a loan large enough to cover your tuition, textbooks, and living expenses, or you may not. If your situation has unusual variables, for example, if one of your parents has become ill and is unable to support you financially, it's essential to make these circumstances known on your application so that you are correctly assessed.

Usually, you'll only need to submit one application to apply for both federal and provincial loans, but this isn't always the case, so be sure to double-check. Your loan funds may go directly to your post-secondary institution, or they may be deposited into your bank account. Your government-issued student loans do not accumulate interest while you are a student, and you'll have a six-month interest and payment-free grace period after graduation. After the grace period expires, you'll start making payments on your student loans monthly until the balance is paid in full.

Private Institutions and Other Student Loan Providers

If you don't qualify for government student loans or receive a loan large enough to cover all your post-secondary education costs, you may have to look at other options. If this is the case, here are some alternatives for you to consider:

Student Line of Credit: Offered by most banks and credit unions, a student line of credit is similar to a regular line of credit, where you are approved for a maximum limit, but you only pay interest on the amounts you actually withdraw. Student lines of credit usually only require you to pay interest on the loan while you are in school, and some convert to installment loans once you graduate.

Personal Loans or Bank Student Loans: Personal loans are offered by many lenders including traditional banks and online lenders like Loans Canada and Loan Connect. Personal loans are usually paid back monthly over a period of time, so you should only borrow as much as you need in order to minimize the payments you'll need to make while you are in school.

Student Loan Interest Rates in Canada

Most student loans in Canada have a federal portion and a provincial portion, and each amount is subject to its own student loan interest rates (although you'll only make one payment when repaying). You have two interest rate options to choose from for your federal student loan interest rate:

A fixed-rate of 2% plus prime

A variable-rate equal to the prime rate

Fixed rates are exactly as they sound - fixed and unchanging throughout your loan repayment period. A variable rate is lower but fluctuates depending on Canada's prime rate. Canada's prime rate is currently 2.45% and is likely to stay low for the near future, but your loan's repayment period defaults at ten years and a lot can change in ten years.

You'll apply for both your federal and provincial student loans through your province of residence. Some provinces have their own interest rates and special funding, and some work directly with the federal government for a seamless experience. For example, OSAP interest rates are Prime + 1.0%, but British Columbia's mimic the federal rates above. Here's a breakdown of the loans offered by the various regions and Canada's student loan interest rates:

Provincial Student Loan Providers

Repaying Your Canada Student Loans

If you have a government student loan, you have a six-month grace period when you graduate before you must start repaying your student loans. During that time, you'll receive a letter in the mail outlining your loan's interest rate and monthly payment. Your loan will usually default to a fixed interest rate, but if you'd prefer your Canada student loan interest rate to be a variable interest rate, you can call your loan provider to make this change. If you'd like to pay more toward your student loan to pay it off sooner, you can contact your provincial or federal student loan centre to change your payment terms.

Paying down your student loans is a long and arduous process, but there are ways to speed up your debt repayment progress. A tried-and-true method is to apply for student loan forgiveness (if such a thing exists in your province). Many provinces offer student loan forgiveness to individuals working in specific professions.

For example, if you are a nurse and you are working in a rural area, you may be eligible to have some of your student loans forgiven. Another typical student loan forgiveness program is to forgive loans through non-refundable tax credits, as long as you live and work in your home province. These loan forgiveness programs can reduce your student loan debt by thousands and dramatically decrease the length of your loan, so it's worthwhile to research loan forgiveness programs in your province.

If you have a Canada Student Loan, another option is to take full advantage of the six-month grace period (which is interest-free) and start paying your student loan debt right away. By paying off as much of your debt as possible before it starts to accumulate interest, you'll ensure every dollar you put towards your debt is going directly toward paying down the principal. These early payments will lower your overall debt load and your time to debt freedom.

What If I Can't Repay My Student Loans?

If you've had difficulty finding employment after graduation and you can't make your monthly student loan payment, you don't need to resort to a debt consolidation loan or a credit counsellor like Consolidated Credit just yet. You can apply for the repayment assistance plan (RAP). RAP is available in every province and, although some vary in detail, most of them are similar to the federal RAP. Here are the details:

When you apply for RAP, you'll need to prove that your financial situation can't support your monthly payments. You'll need to provide details about your income, and, depending on those details, you may be assessed to make a payment that does not exceed 20% of your income.

You can apply for RAP when your student loans go into repayment or if your financial circumstances change. RAP requires you to re-apply every six months, but there is no limit on how long you can use RAP. If you've been eligible for 60 months, the federal government will begin to cover both the interest and principal amounts that exceed your monthly payments.

Alternatives to Government Aid

Government-backed student loans are the lowest cost way to finance your education, but sometimes you won't qualify or receive enough to cover all your education costs. For example, if your spouse or parents earn too much money, you may not qualify, or if you have RRSP savings, you may be assessed to have a $0 need for government student loans.

Ideally, only those Canadians who do not need student loans would be denied, but this isn't always the case. If you need loans to finance your education and don't qualify for government student loans, here are your options:

Bank Student Loans or Personal Loans

You can apply for a personal loan through a bank or online lender. A personal loan will advance you a lump sum amount, and you'll need to start making payments right away, so it's important that you factor your monthly payments into your budget.

Personal loan interest rates can vary widely depending on your financial situation, so it's important to carefully evaluate whether you'll be able to afford your monthly payments while in school. Make sure to shop around for a lender and compare interest rates! A good place to start is an online search platform like Loans Canada - the largest lender network in Canada. With a single search, you'll be able to compare rates offered by the country's top lenders.

Credit Cards

If you need a small amount of cash to make ends meet, a student credit card can help bridge the gap in the short-term. For example, you might use a credit card to buy books before your next paycheque hits your account, or groceries before you start your summer job. If you use credit cards to cover your expenses, pay off your credit card debt fast because the interest rates on credit cards tend to be 19% or higher. However, there are low-interest credit cards that offer interest rates as low as 8.99%.

Student Line of Credit

Offered by banks and credit unions, student lines of credit are popular for professional degrees where the financial need is great, but can also be used for undergraduate or other post-secondary schooling. A student line of credit works like other lines of credit, where you'll be approved for a maximum amount that will cover your who financial need (including multiple rounds of tuition), but you'll only have to pay back what you actually borrow. You can also pay down your loan balance while still enrolled in school (if you have the funds to do so). Many student lines of credit only require you to pay the interest while you are in school, and you'll start paying it back once you graduate.

If you need a bigger amount, you (or your parents) could get a home equity line of credit. An online mortgage broker like Breezeful Mortgages can help you get the most competitive interest rate possible.

How to Apply for Student Loans

If you've decided that government student aid is an alternative to bank student loans to finance your post-secondary education, you'll need to apply. Most provinces have application deadlines published on their websites for upcoming semesters, and the earlier you apply, the sooner you'll know whether you qualify. Typically, you'll apply for a whole year of funding during the summer months for the upcoming September semester. Once you are approved, the funds will be dispersed in two increments, once for the Fall semester and one for the Spring semester.

When you apply, you'll need a variety of information and documentation, including:

Your name, address, date of birth, and SIN number

Your income, your partner's income, and your parent's income

Information on any cash, RESP, or RRSP savings you may have

Details on the program and post-secondary institution you plan to attend, including whether you are planning full-time or part-time study

Most provinces offer an online application to complete, so you will not need to submit documentation like bank statements or letters of acceptance unless you choose to contest your assessed loan amount.

The Final Word

Federal and provincial student loan providers offer an excellent, low-cost way to fund your education. Applying for these loans is no more challenging than a regular personal loan, and government student loans offer many benefits including an interest-free period and a variety of forgiveness options.

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What You Need to Know About Student Loans in Canada 2022

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Most young Canadians will pursue some post-secondary education, and according to Statistics Canada, almost half of those students will take on student loan debt to do it. In fact, with the average student loan balance estimated at $17,000, student loans can be a harsh introduction to the cold reality of debt for many young 20-somethings.

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This video communicates about the brief explanation of student loan repayments . All the details about repayment have been included such as when to start repayment, how to calculate, how to budget, methods of payment , interest rate, funding trackers etc.

I chose this video because, this video have depth knowledge about the Canada student loan. One useful I found in this video is the  changing the plan of repayment.

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

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This video communicates about should we consolidate Canada student loan debt. This video is for someone who would think  about consolidating government funded student loan debt to private organization. Video tells clearly about why we should not consolidate student loan debt. There are many reasons for not consolidating Canada student loan.  Government funded loan has low  interest rate, able to income tax deduction and  income tax return, can change the repayment option and sometime you can get loan forgiveness.

I chose this video, because this video is animated mind map which people can understand easily. It is a short video but contain valuable informations. One useful information I found here is befit of taking Canada student loan rather than from private organizations.

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Should I consolidate my Canada Student Loan Debt? | HMA

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In this video, a student talks about  how her student loan debt has been increased and the struggles to repay it. Most of the students in Canada going through the same problem nowadays due to the rise in tuition fee and school supplies. Specially when they take more than one degrees they have to add fees of both degrees together. Additionally, some student would like to change their career for some reasons where their student loan will add up together which they can't able to repay.

I chose this topic, because this video shows the real experience of students who are struggle to repay the highest amount. One important information I found useful is how to manage the budget and how student loans are increasing.

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

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This video is taken from the Global news. They interviewing to the students about their student loan. In the recent announcement of Canada, students who have loan to be repaid, need not to pay until they earn $40,000 per year. This is good news for young students who just started to work. Also another announcement was nurses who chose to work on rural areas will get up to $30,000 loan forgiveness. Canada is working on to support students who are struggling to repay student loan debt.

I chose this video because it contains news about student loan dept and interviews about student's opinions. One point I found use full is the Government is implementing many plans  for student to manage their loan burden.

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The federal government announced on Thursday in its fall fiscal update that the federal portion of student loan interest would be permanently eliminated come April 2023, giving post-secondary students some potentially welcome news. Abigail Bimman takes a look at the government's plan and the praise and criticism it's receiving.

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Will it help Canadians if Ottawa eliminates student loan debt? | Watch News Videos Online

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The federal government announced on Thursday in its fall fiscal update that the federal portion of student loan interest would be permanently eliminated come April 2023, giving post-secondary students some potentially welcome news. Abigail Bimman takes a look at the government's plan and the praise and criticism it's receiving.

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This picture explain very well about the student loans and jobs opportunities. Nowadays student loans are very high which can't be afford to repay, but it s hard to get the job after graduation and salary also very low. So some students think to study another course to get better job opportunity or better salary and again they have to apply for added student loan. Some students get depression and anxiety due to the high amount of loan.

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This picture shows many meaning. In my views, to graduate from the college/ university we need lots of dollars. A graduation hat is very expensive to achieve in Canada. Students are fighting against the burden of loan to achieve the degree. But it is really hard to pay back because the salary is low in many places.

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This topic was interesting to learn about the pros and cons of the student loan dept. I earned some knowledge about the statistics of the Canadian student loan. I found some interesting at the same time sad stories of some students who are suffering to repay the student loan.

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This topic is relevant to me because I am a student now with the student loan. Currently I am in my last semester of studies with the support of OSAP. I may have to think now about how to repay the loan, how to mange m budget and when do I start payment. This research was helpful to me to prepare my self for the next year plan of loan repayment.

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I would share with my family and friends about the advantage and disadvantage of using student loan. I will also share the government announcements about the student loan repayments and forgiveness. Also I will share how to manage the budget and how to make payment which is manageable to all students.