Canadians who have taken out student loans and are in repayment can benefit from payment plan options, debt repayment strategies and an in-depth understanding of their loans, experts say.
totalled $4 billion and were administered to 576,000 studentsPaying down student debt is often regarded as less of a financial priority due to the low interest rate often attached to these particular loans, but young graduates should still be diligent and organized in making these payments, Natasha Macmillan, director of everyday banking ratehub.ca, said in an interview.
The best way to tackle a student loan is to have a budget in place that includes it, Macmillan added. If someone is able to make a little bit more than the minimal payment required a month, this would also help speed up repayment and reduce the interest paid, Macmillan added. offers several options Should you miss a payment, you can call the lender to explain why, or arrange for alternative payment methods, said Joshua Harris, licensed insolvency trustee at Harris & Partners.
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