How Can I Get Relief From My Student Debt?Oct 25, 2017
Canadian grads under 40 need relief from their student debt. In a recent BDO poll, almost seven in 10 university and college grads with student debt admit they’ve needed help paying it down.
It’s no wonder. The BDO poll found that lingering student debt is impacting the finances of 21 to 39 year olds for years, even decades, after graduation.
Here’s a quick look at more results from our poll:
Three in four graduates have regrets about their student debt:
- 30 per cent wish they had been more frugal while in school
- 28 per cent regret not working more hours at a part-time job
- 25 per cent regret adding to other debts like credit cards or vehicle loans
Life goals delayed due to student debt:
- 55 per cent are not saving enough for emergencies
- 46 per cent delayed a home purchase
- 45 per cent feel they are not saving enough for retirement
There are some very significant life milestones in that list, which is why taking action on your debt is important. There are online debt calculators that can help you understand the true impact that interest from student debt (and other types of debt) is having on your finances.
The Government of Canada website has a great section on paying back student debt. The strategy or debt relief option you choose will depend on your student debt load and your financial circumstances.
Looking for additional tips or even some inspiration? These personal finance writers share their strategies for paying off debt, reducing spending and tracking finances. Check out their websites.
- Jordann Brown shares her journey to student debt freedom on My Alternate Life.
- Increasing your income can help you pay off your student debt more quickly. Learn about 10 ways to make more money from Barry Choi on MoneyWeHave.com
- Jessica Moorhouse offers a free budget spreadsheet to help you keep your finances on track.
- Taking a closer look at your spending can make a big difference to your debt repayment. Ready about Christine Drummond’s “latte factor” strategy on TheWalletDiet.com