ways to manage your student loans

Download Ways to Manage Your Student Loans

Post on 25-Jun-2015



Economy & Finance

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While tackling a student loan may feel like climbing a mountain, there are ways to manage these loans that make repayment and easier process to manage.


  • 1. Simple Ways to Manage YourCanada Student Loan

2. Paying back money you borrowed to finance youreducation may seem like a huge task.Large balances can be intimidating, but there areseveral simple ways to manage you student loan debtand still enjoy life as a college graduate. 3. Get an Early Start Making payments before yougraduate is a great way to save oninterest charges. Any early payments you make willbe applied to principal. Be sure your loan does not have anypre-payment clauses or penalties. 4. Increase Your MonthlyPayment The amount you are required to payeach month is your minimum monthlypayment. Adding even a few dollars to yourminimum payment each month willsave you a lot of money on interest. 5. Take Advantage of TaxCredits File for a yearly tax credit once youbegin repaying your student loans. Students may also receive tax creditswhile attending school. 6. Help for Hard Times Many loans qualify for paymentassistance programs that includereducing your monthly payment orputting them on hold. Contact the National Student LoansService Centre for federal loans, andthe Student Aid offices for provincialloans. 7. Dont let yourself be burdened with hefty student loansas a college graduate. You can manage your Canadastudent loan with a bit of planning and good moneymanagement skills.Handling your repayment wisely will help you earn agood credit score and help pay off your loan quickly. 8. In Manitoba or Ontario visitLCTaylor.comTrustees are available to answer your questions at ourWinnipeg and Kenora locations.Call us now to schedule your free consultation.