Several potential problems can exist with a student loan consolidation in Canada . While many students in Canada want to consolidate their student loans to reduce their student debt, the long term outook on the consolidation loan may present several issues during the term of the consolidation loan for the Canada student.
One potential problem a student might run in to with their Canada consolidation loan is having to pay a much larger sum of money over the term of the loan due to a greater interest rate on their Canada student consolidation loan versus their provincial or federal Canada student loan.
Many people feel that the Canadian government charges a larger interest rate on a Canada student loan that in necessary and this creates a debt for a student in Canada to pay back.
As well, a typical student loan consolidation in Canada in viewed the same as a typical consolidation loan, meaning the student may have to meet the same qualifications as a non student consolidation loan.
In future posts, we will discuss alternative to a consolidation student loan and making wise decisions in you choose to consolidate your student loan in Canada.
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