Student loan Debt Consolidation

Debt Consolidation and your Student loans

Student loan debt is a big concern for many these days, as this is a payment added on to your regular monthly expenses, such as transportation costs, mortgage/rental costs, food, entertainment etc. Plus for some, their student loan debt could be sizable, and at times making ends meet can be a bit tough.

If you were ever considering debt consolidation for your student loans, there are a few considerations to review.

A Few Considerations

When you keep your student loan as is, you might be able to qualify for the interest relief programs when you are filing for your taxes each year. If you were to look at consolidating your student loan, you automatically lose the interest relief option.

Next there is the possibility that your student loans may be tax deductible. The Interest with a debt consolidation loan will not be tax deductible. Going with a debt consolidation loan will also stop any possible tax breaks with your provincial or federal student loan.

What is the interest rate on the loan? Ideally you want to have the lowest interest rate possible so you are paying less on that loan. If you happen to have a poor credit history, or no established credit history, then there is the possibility that the interest rate on the loan will be higher than your student loan interest rate.

With your student loans, there is also the option to have interest only payments. You can contact your student loan office to see about these options if you are having problems making ends meet until you can resume making your payments.

Student loans can only be discharged in a bankruptcy when the individual ceased to be a full or part-time student at least 7 years before the date of bankruptcy.

 

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. 

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09:33 10 Nov 21
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07:29 12 Oct 21
I met David a few months ago and i am glad I did. He has helped me all the way through my bankruptcy with good advice and explained every step of the process. David is a very down to earth and very professional. Anytime I've had a question I was able to reach out to David by phone or email and he always got back to me. If your struggling with your bills and need a way to get help, I strongly recommend David Sklar &Associates to help you. My experience with them on 1-5scale would be a 5;; My life is so much better now, thanks to David Sklar.
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16:13 08 Oct 21
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:)
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