Student loan consolidation in Canada can be a time consuming and a frustrating process for many students. Due to the complexity of the student loan system in Canada, many students are confused about their current student loans and the financial particulars regarding their student loan debt.
Thankfully, the lending industry in Canada has taken a more relaxed attitude to a student in Canada, and many students now enjoy loan options to them not available as little as five years ago. That being said, it is up to the student to make sure that a student loan consolidation is a wise choice for them.
The advantage of a student loan consolidation for a student in Canada is to lower their overall monthly payments to a payment that is more affordable to them. While that is a big advantage to many students in Canada who face a large amount of debt, chances are your interest rates will be higher than the interest component you would pay on either your provincial or federal Canada student loans.
This means that while your Canada consolidation loan may result in lower payments, over the long term you will be repaying a larger sum of money that includes both the loan principal amount plus your interest charges.
Future posts will discuss in more detail about the student loan consolidation process for students in Canada and what options this may include
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