Repayment Tips

These tips may help to pay off your loan more quickly and will reduce the amount of interest you pay.

Tip #1 Pay the grace period interest on your Canada student loan before you enter repayment.

Tip #2 Make your payments on time.

Tip #3 Increase your monthly payment amount.

Tip #4 Make bi-weekly payments instead of monthly payments.

Tip #5 Make extra payments while in study, in grace period or in repayment, there is no penalty.

 

Repayment Stories

See how other graduates are managing their repayment in these videos:

 

Aames

Student loans helped new Canadian Aames, to achieve his dream of getting a post-secondary education and making a better life in Canada for his family. He was ecstatic when he found out he was eligible for an affordable minimum payment on the Repayment Assistance Plan. {runs 2:52 minutes}

Brett

After exhausting a basket ball scholarship, Brett says student loans helped him focus on his school work, finish his degree and set him on a pathway to career success. He says it’s good to be smart about your money, and have a solid game plan for managing repayment. {runs 2:56 minutes}

Bridget

Bridget is passionate about paying off student debt and building her personal wealth. She writes a blog called, Money After Graduation where she tracks her own student loan repayment and investing techniques. She says her future looks bright because she has a plan in place to become debt free and achieve financial independence. {runs 3:03 minutes}

Leanne

Leanne, a single mom, says she has to stretch her money out to make it work for her and her son, but easy access to flexible repayment assistance options synchronized to her family size and income helps her make a comfortable life for her family. {runs 2:38 minutes}

Chris

Chris was the first person in his family to get a masters degree. He’s fast tracking his repayment schedule to pay off his student line of credit and government student loans faster. He now makes a decent living as a physiotherapist and is starting to think about buying a house and a car, and doing some traveling. {runs 2:32 minutes}

Joy

Joy made student loan repayment work for her by learning how to budget and plan for unexpected expenses. She took a financial management course that introduced her to the debt snowball theory. It works by paying off high interest debt first and then rolling your money into the next highest debt to gain momentum on loan repayment. {runs 2:29 minutes}

Kevin

Kevin says he put all of his efforts into paying down his student debt so he could get a good credit rating and a mortgage.  He has a growing young family and is putting a plan in place for their future. He looked at his earnings, learned how to balance his costs and plan for repayment. Paying off his provincial student loan helped his credit rating jump up substantially. {runs 2:20 minutes}