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Debt Consolidation | How to repay your student debts

Education costs are continually rising, school books are becoming more expensive and the cost of living (groceries, gas, Redo his budget. The first step, before anything else, is to update your budget to determine exactly where your money is going.

Take your bank statements and credit cards over the past few months to get an idea of ​​how much you spend on each budget item. Housing, food, transportation, clothing, hobbies, etc., you need to know how much your income allows you to spend. Want to know how much you can allocate to each budget item?

Accelerate repayment

Accelerate repayment

To avoid paying interest, it is better to speed up the repayment. By making only the minimum payments, you will pay hundreds, if not thousands, of dollars in interest charges.

Consider cutting back on unnecessary expenses such as restaurants, outings, coffee shops, Internet packages, television and cell phone unnecessary to accelerate the repayment of your student debt and save in the medium or long term.

Use government programs


If your income is insufficient to make the minimum payments on your student loans, contact your financial aid office. They have loan repayment support programs to help pay off your student loan debt. 

The debt forgiveness program

The debt forgiveness program allows a student who has completed his studies on time to reduce his student debt by 15%.

The deferred repayment program

The different repayment program allows eligible students to repay their student loans on terms that respect their ability to pay and their family situation. The program has a duration of 6 months, but it can be renewed if you are still eligible. It is important to understand that no late payment is tolerated when you are under the Program.

Consult a trustee


If you are unable to repay your student loans and you are not eligible for government programs, we strongly encourage you to consult a trustee. The trustee can assess your situation and advise you on the best steps to follow. Student debt can not be erased by bankruptcy if the end date of your studies is less than 7 years old (learn more). However, the trustee can recommend other options that will reduce your financial problems.