Hey graduate – congratulations! Class is behind both you and it is time and energy to begin your job. If you’re scanning this, it appears for you to start paying back student loans like it’s also time. Happy we compiled advice on paying off student loans from recent Canadian graduates for you.
Step one: make the most of income tax benefits and place any refunds to your education loan
With regards to the style of student loan you’ve got, you might meet the requirements to claim interest costs in your income tax return, which will help you be eligible for a reimbursement. Plus, make certain you make the most of any income tax claims like book and tuition costs. Then, make use of your taxation refund to place extra cash towards your education loan stability – every bit of more money is important in assisting you pay down debt faster and lower interest fees.
Action 2: Reject the elegance duration and commence loan that is making once you graduate
Some student education loans provide an elegance duration involving the time you graduate and also the time you must start trying to repay your education loan.