Canada is dealing with a student-based loan financial obligation crisis, with quotes putting the amount of Canadian education loan financial obligation at over $28 billion, making numerous previous students wondering: do I need to consolidate other debt to my student loan? Like the majority of choices in life, you’ll want to first weigh the benefits and drawbacks to help make the right choice for you.
How does Canada Have a pupil Loan Financial Obligation Crisis?
Adding salt to the wound, present reports additionally expose that tuition charges increased by 3% for undergraduate programs within the 2017-18 scholastic year, placing the annual average tuition for Canadian universities at about $6,500.
Even though the federal government provides pupils a six-month elegance period after graduating before loan repayment kicks in, many Canadians aren’t able to secure a high-paying task within that time frame, making them to struggle to make repayments.Read MoreMust I Combine My Student Loan Debt?