How to Pay Student Loans Faster

Student Loan Debt – How to Pay it Off ASAP!

The struggle to pay student loans is a challenge faced by thousands in the Greater Toronto Area.

The sooner you pay off your student loans, the sooner you will be able to get on with your life and your career, as well as reduce your risk of debt overload.

Here are some of the best ideas we have encountered to pay student loans faster:

  1. If you are able to pay off a portion of your student loan debt while you are still in school – do it. According to CanLearn.ca the Canadian Government website: the portion of your student loan that is paid off before you graduate will not be subject to interest charges!
  2. Check carefully with your loan provider(s) if you are thinking about switching from full-time to part-time student status. You might find that your full-time student loans will move into the repayment process if you switch to part-time attendance.
  3. Until your student loans are paid off – keep living as if you were still a student. That means, whenever possible:
    • setup and keep a very tight, student-style budget
    • don’t move into a more expensive apartment
    • avoid buying a new or new-to-you car unless you absolutely need it for work
    • avoid upgrading your wardrobe unless you absolutely need to for work
    • avoid getting new furniture – get by with your student furniture
    • keep your habits and tastes on a strict student-budget
    • take a second job to speed up paying off your student loans
  4. Find out all the details of your repayment responsibilities – amounts, how, where etc. Don’t wait to be notified, check it out right away. Find out your best course of action to speed up repayment, from your loan provider(s).
  5. Remember, during the six month ‘grace period’ following your graduation – you are not required to make payments, however, you are being charged interest – so start making payments as soon as you possibly can.
  6. Pay your student loans in full and on time every month – without fail! *
  7. Get into the habit of paying more than the minimum required payment. According to the Government of Canada at CanLearn.ca – if your payments and interest charges are up to date and you make higher than minimum payments – the extra money you pay is taken directly off the principle. Check with your loan provider to make sure this is the case for your loans.
  8. Put every cash gift, tax refund, bonus, and wage increase you possibly can, into paying down your student loans.
  9. Don’t give up – you can do this!

We know that once people graduate, they are tired of the pressure of being a student on a limited income – and want to start living it up a little. However, the faster your student loans are paid off – the better your financial future will be.

You are not really finished school, until all your student loan debt is paid off.

* If you cannot repay your loans on time, look into Student Loan Repayment Relief. Both the Ontario and Canadian governments have plans that help:

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

Share This!

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on pinterest

Ready to live debt free?

I have had the privilege of being supported by Jackie S, at David Sklar n Associate.She was helpful, professional and friendly. I was able to get the help I needed at a difficult time in my life. I would recommend anyone who needs support with working out their debts to ask for Jackie, she will be waiting to assist however she can to help you through your debts. She works with a team who is always ready and responsive.Thank you Jackie and your team:)
Denise Simpson
15:17 09 Sep 21
My experience with Ashley Carter at David Sklar and Associates was very pleasant and professional. The process was made easy by Ashley with her help in answering my questions and concerns.
Alex Lamparter
13:07 03 Sep 21
Ashley she was extremely helpful,super friendly and understanding my situation. I am very please for the service I received and I will recommend this Company to anyone in need of consolidating. Thanks so so much.
Nicole Minister
17:43 02 Sep 21
I finally pulled the trigger and seek help from this team. I tried to pay my debt in the way it should be until the pandemic made it even worst and couldn't keep up with my payments anymore. Jackie is an amazing person, I told her the problem, she gave me the solution and gave me a variety of options and walked me through the process. That simple. Thank you so much.
rr 28
12:44 21 Aug 21
Dealing with Jackie made the process so much more comfortable. From my first phone call with her I never felt like I was being looked down on. Jackie made this as easy as being in this situation could be.
Vi Smith
18:09 13 Aug 21
I have to say, I never thought that such process could have been so quick and easy. But then again I guess that's what happens when you deal with professionals. I dealt personally with Rodha Lewis, who was very attentive to my personal issue and very professional on her work. She's someone who will actually take her take and talk to you about the process and help you as much as she can. I am very grateful to her and very appreciative of her work. I couldn't have dealt with someone better. Thank you very much Rodha for your work.
fidel Cruz
14:35 24 Jun 21
I just completed my proposal and I am thrilled. Rhoda was delightful to work with. She helped me end the phone calls and start rebuilding my life. I highly recommend the services here and will always recommend to anyone who asks. Definitely seek out their services if you are in need of some help.
Maria Curbelo
13:43 23 Jun 21
Very professional and fast service! Also, personable!.. they don't treat you like a number, but like a person.From the time I first contacted them, until I was set up there has been not more than 7 days.I dealt with Jackie, she was great!
Jelena Petrovic
18:06 20 Jun 21
I would just like to say thank you to David Sklar & associates for helping me out in this difficult time I was in way over my head, I was introduced to Jackie Stanley, at that moment things got better the calls stop. Jackie was so professional helpful, trusting answered all my calls all my Text, and emails professionally and respectful!! I can’t believe it, and now I’m gonna build my credit rating back up and have my life back Thank You, Jackie Stanley at David Sklar& associates, for doing an outstanding Job!!!!
Mark Simmonds
21:50 16 Jun 21
I am not very good at putting words together especially when your speechless for all the help from such a friendly happy non judgemental team. From being financially stressed and depression hitting all at once I connected with Jackie Stanley💯❤❤ from David Sklar team in a whole other level,she is an absolutely joy to deal with and very informative let me know there is light at the end of the tunnel.. despite my struggle the amazing lady Jackie Stanley was able to put a smile on my face and make me laugh super happy and grateful 🙏I was able to connect with her from David Sklar &Associates team I 💯 percent recommend her (Jackie Stanley) and will continue to recommend her. To any one looking to get out of debt or have any questions belive me when I say you will not be disappointed with Jackie she's such a great person and I'm lucky to have been able to recieve the help and guidance from such a wonderful person and you will be also...look no further no where but up from here ...Thank you So so much Jackie much appreciated
Richelle Barriault
17:57 16 Jun 21