Completing higher education should be a pleasant moment. But for a lot of students this step is in fact very stressful. How can one manage to refund his student loans?
Every year, thousands of graduated students face huge debts. In fact, once the education is completed, reimbursement of students loans start and for most of them this can have an impact on choosing a career. It is not easy to start a family, buy a house, and gain experience in his field when employed at a low wage and with such stress. This sad reality leads graduated students to reorient their career towards fields that pay more on the short term.
Among these students, some have such outstanding debts that they have to declare bankruptcy. Yet, since 1998, student loans are not covered by bankruptcy until more than 7 years after graduation. Not only this law already concerns vulnerable people but it leads them very often to contract very high rates loans to survive.
To conclude, how do you manage to reimburse debts of your studies without ruining yourself? First you learn more about the Repayment Assistance Plan by the Government of Canada and check on your admission. Also you can visit the Provincial and Territorial Student Financial Assistance Offices. Finally, you can take advice from a financial reorganization advisor who is able to advice you according to your situation.
Sources
- http://www.cfs-fcee.ca/html/french/research/factsheets/FCEE-Info-fiches-La%20dette%20etudiante.pdf
- http://www.fcac-acfc.gc.ca/fra/consommateurs/evenementvie/etudepost/rembDette-fra.asp
- http://www.lapresse.ca/le-soleil/affaires/consommation/201011/17/01-4343695-endettement-et-credit-des-jeunes-accules-a-la-faillite.php
