{"id":5247,"date":"2014-06-03T00:00:00","date_gmt":"2014-06-03T04:00:00","guid":{"rendered":"https:\/\/dev-ginsberg-gingras.flywheelsites.com\/student-loans-burden-for-young-adults\/"},"modified":"2021-04-13T18:16:22","modified_gmt":"2021-04-13T22:16:22","slug":"student-loans-burden-for-young-adults","status":"publish","type":"post","link":"https:\/\/ginsberg-gingras.com\/en\/student-loans-burden-for-young-adults\/","title":{"rendered":"Student loans \u2013 a financial burden for young adults"},"content":{"rendered":"

The first signs of summer are finally here, and college and university students across the country are winding up their classes. For many of them, it will be time to leave higher education with one or more qualifications \u2013 a college diploma, a bachelor\u2019s degree, a master\u2019s or even a PhD. For some of them, however, their celebrations will be shortlived because they will now have to start paying off their student loans<\/strong>.<\/p>\n

According to a Statistics Canada<\/a> survey published last February, student loans in Canada totaled $28.3 billion in 2012, 44.1% higher than in 1999. The survey also reports that approximately one in eight Canadian families have a member paying off a student loan<\/strong> worth an average of $10,000.<\/p>\n

These debts are naturally heavy enough to affect young graduates\u2019 finances, and with the resulting less room for manoeuvre they often have to put off some major life projects like buying a first home or starting a family.<\/p>\n

Here are seven pointers to help recent graduates not only to pay off their student loans and avoid getting deeper into debt but also to develop good financial habits:<\/p>\n

    \n
  1. \n

    Pay off your student loan as formally agreed<\/h3>\n

    That\u2019s only logical, isn\u2019t it! However, if you don\u2019t think that\u2019s possible, contact the financial institution handling your loan right away in order to negotiate other arrangements. You might discover that you\u2019re eligible for the Deferred Payment Plan<\/a> if you live in Quebec or the Repayment Assistance Plan<\/a> if you live in Ontario;<\/li>\n

  2. \n

    Don\u2019t leave any debts unpaid<\/h3>\n

    Obtain confirmation from your educational institution that you don\u2019t have any outstanding debts (e.g. for tuition, residence fees, library fines and so on);<\/li>\n

  3. \n

    Check your credit rating<\/h3>\n

    Request a free copy of your credit rating from Equifax<\/a> or TransUnion<\/a> and review your outstanding debts to ensure that you haven\u2019t forgotten to pay all your creditors;<\/li>\n

  4. \n

    Use only one credit card<\/h3>\n

    If you have several credit cards, keep only one and be sure to pay off the entire balance at the end of every month;<\/li>\n

  5. \n

    Make a budget<\/h3>\n

    Make a budget consisting of your estimated monthly outlays for basic living expenses like groceries, accommodation and clothing as well as your student loan. Manage your income and spending in order to stick to your budget because that will help you avoid getting deeper into debt;<\/li>\n

  6. \n

    Watch your big expenses<\/h3>\n

    Maybe you\u2019ve just landed a job in your field and you\u2019re making more money – congratulations! However, you still should try to limit your expenses to the bare minimum for some time. In other words, that new car or the all-inclusive trip to Punta Cana could maybe wait a while!<\/li>\n

  7. \n

    Develop good savings habits<\/h3>\n

    Start saving money as soon as you can. One good way is to contact your bank to set up pre-authorized contributions to a savings plan \u2013 for instance, for purchasing your first house under the federal Home Buyers\u2019 Plan (HBP), which is an option under the RRSP (Registered Retirement Savings Plan) program.<\/li>\n<\/ol>\n

    All the same, you might still end up in a vulnerable financial situation despite your best efforts. For example, are you facing persistently high monthly credit card balances compounded by equally high interest charges? Can you no longer pay your student loan instalments or other payments? If that\u2019s the case, help is available. Although student loans are considered non-dischargeable debts, various solutions exist to ease your financial burden.<\/strong> And that\u2019s where Ginsberg Gingras\u2019 trustees in bankruptcy come in \u2013 to give you good advice on how to get your personal finances back on track. So, don\u2019t hesitate to contact us<\/a>. Remember, your first consultation is always free and without any obligation on your part. Discretion assured.<\/p>\n","protected":false},"excerpt":{"rendered":"

    The first signs of summer are finally here, and college and university students across the country are winding up their classes. For many of them, it will be time to leave higher education with one or more qualifications \u2013 a college diploma, a bachelor\u2019s degree, a master\u2019s or even a PhD. For some of them, […]<\/p>\n","protected":false},"author":39,"featured_media":5248,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[674,667],"tags":[767,770],"class_list":["post-5247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advice","category-blog","tag-debt","tag-student-loans"],"acf":[],"yoast_head":"\nStudent loans \u2013 a financial burden for young adults | Ginsberg Gingras<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ginsberg-gingras.com\/en\/student-loans-burden-for-young-adults\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Student loans \u2013 a financial burden for young adults\" \/>\n<meta property=\"og:description\" content=\"The first signs of summer are finally here, and college and university students across the country are winding up their classes. For many of them, it will be time to leave higher education with one or more qualifications \u2013 a college diploma, a bachelor\u2019s degree, a master\u2019s or even a PhD. For some of them, […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ginsberg-gingras.com\/en\/student-loans-burden-for-young-adults\/\" \/>\n<meta property=\"og:site_name\" content=\"Ginsberg Gingras\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/GinsbergGingras\" \/>\n<meta property=\"article:published_time\" content=\"2014-06-03T04:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-13T22:16:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ginsberg-gingras.com\/wp-content\/uploads\/2020\/04\/Student-loans-a-financial-burden-for-young-adults.png\" \/>\n\t<meta property=\"og:image:width\" content=\"970\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Chantal Gingras\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@GinsbergGingras\" 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