How to lower your student debt – and cut through misconceptions around it

Paying back student loans has always been a challenge, but at a time when housing and meals eat up a bigger slice of income than ever, making smart choices around loans and repayment is all too critical.

According to Statistics Canada, the average recent graduate of a bachelor’s degree program owed about $30,600 in student debt as of 2020. Look for `free money’ Harris recommends students apply for as many grants, scholarships and bursaries as they can, as many applicants wind up with more cash than expected.

Those who take that route should keep in mind that interest rates on such loans typically start to tick up six months after graduation, he added. That arithmetic includes calculations around interest payments, which can add up quickly. “If I pay $100 a month for five years, I paid $6,000 ,” said Harris.

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How to lower your student debt — and cut through misconceptions around itPaying back student loans has always been a challenge, but at a time when housing and meals eat up a bigger slice of income than ever, making smart choices around loans and repayment is all too critical.
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