student loan debt
According to the National Student Loan Centre, it takes an average of 9 years for Canadian students to pay off their student loans. Although these figures may seem slightly alarming, don't fret! It's possible to repay your student loans in a relatively short period of time (in my case, $17,000 in just one year). Here are 5 simple, effective strategies to successfully start paying down your student debt.
A recent piece by the CBC states credit card debt has spiked among students over the past five to 10 years. However, this conflicts with reports that students are eschewing credit cards altogether. So, what's the real story on student consumer debt? To find out, we asked 820 Canadians born between 1990 and 1996 about their debt perspectives.
The post-secondary years are the ideal time to lock in great habits and fill any gaps in your children's financial education. Regardless of whether there are savings set aside or loans to be taken, managing the dollars matters. It's our young people who gain the most from good advice as they take on increased responsibility.
Here's the bottom line: too many students are burdened with excessive student debt and that hurts all of us, so a solution must be found, and the sooner the better.
Is college or university a waste of money? For some people it is, for others it is a great investment. The point is that you should crunch the numbers and carefully consider your decision up front, so many years from now you are not looking back wondering how you will ever pay off that massive student loan.