Student Loans Debt Ontario

Higher education comes with a big price-tag

Higher education comes with a big price tag, most students can’t afford. So, they take out loans in order to get their degrees, then end up saddled with thousands in debt after graduation. It’s an all-too-common problem, but we can help.

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David Sklar & Associates Inc.
5.0
Based on 708 reviews
Denise Simpson
15:17 09 Sep 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:)
Alex Lamparter
13:07 03 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.
Nicole Minister
17:43 02 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.
rr 28
12:44 21 Aug 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.
Vi Smith
18:09 13 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.
fidel Cruz
14:35 24 Jun 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.
Maria Curbelo
13:43 23 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.
Jelena Petrovic
18:06 20 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!
Mark Simmonds
21:50 16 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!!!!
Richelle Barriault
17:57 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
Grace Muller
17:55 25 May 21
I must admit that I am so glad I called! I spoke to Rhoda Lewis who right away made me feel at ease. She's so caring and supportive I highly recommend her. Thanks to her my life is now on track! Thank you David Skylar & Associates Inc!
Nicholas Burnett
17:07 19 May 21
Very professional and courteous. Jackie was very helpful and understanding. She was happy to answer any questions I had and we were able to process everything quickly with no hassle.
HN
23:00 06 May 21
I would say my experience with David Sklar was spectacular, they made it really easy for my through the whole process and now 9 months later my bankruptcy is discharged.i would recommend David Sklar to anyone.
A M
14:39 04 May 21
I had a nagging defaulted student loan that was holding me back. There were a few smaller issues that were compounding. The lockdowns really forced me to look into building back my credit and starting fresh.Ashley at David Sklar & Associates at the Keele and Finch location was a blessing. She was thorough in her explanations and answered any concerns I had. She gave me the options and let me decide what was best. After conferring with her, I decided bankruptcy was the best option. She made the process of filing for bankruptcy easy.There's nothing to be afraid of. Stigma attached to bankruptcy but you can reset if you work hard to make it happen.I highly recommend speaking with Ashley if you have any concerns about debt solutions.
Pilar
21:05 28 Apr 21
I highly recommend David Sklar & Associates Inc. They helped me with my finances along with the help of Ashley Carter whom assisted me thoroughly throughout the process of my Consumer Proposal. She is very friendly, professional and updated me occasionally through emails. With her tremendous help, I am very thankful to have accompanied someone like her!
Fribeda Fronda
19:14 27 Apr 21
In behalf of David Sklar & Associates, Ms. Ashley Carter had been working tremendously and diligently to make people’s lives easier and stress free. Through this debt free program, my husband and I had been relieved from the headaches and worries of our financial standing before. Ashley, a soft spoken lady was very approachable and listened to our concerns. She explained to us very clearly the good things that will happen to our best interest. I believe that she is a great asset to the company and an excellent counsellor. My husband and I can’t thank you enough, Ashley, for all your help during those times when we needed it most. As of now, we are enjoying life in our seventies, though how simple it is we are happy because we have the assurance that sooner we will be debt free. Thank you so much Ashley for your kindness and for always being there for us. May God bless you more especially with good health.
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Managing Student loan Debt with A Consumer Proposal 


Consumer Proposal is a great option for students that have been out of school for 7 years or more.  If you’ve just recently finished your studies and do not meet the 7-year requirement, a consumer proposal is still a great option to help you reduce your other unsecured debts like, credit cards, bank loans, CRA debt, and payday loans. Eliminating these other forms of unsecured debt will make it easier for you to keep up with your student loan payments and get out of debt faster!

If you’re struggling with Student loan debt a Consumer Proposal might be the right solution for you.  A Consumer proposal is another form of debt consolidation that allows you to combine all your unsecured debt and offer your creditors a
smaller portion of what they are owed.  If your offer is accepted by your creditors, you will be asked to make one low monthly payment, interest free over a maximum of 5 years or less. Once your consumer Proposal is completed you will be free and clear of all your unsecured debt.

Student Loan debt Ontario

Get relief from student loan debt

Holly was ready to move forward and take control of her debt. When you’re struggling to repay your student loan, it’s important you explore all your options, and a Licensed Insolvency Trustee can help you decide what’s best for you.

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STUDENT LOAN DEBT IN ONTARIO

A steep tuition rate is one thing that makes paying for secondary education difficult. Another challenge is student loan interest. These interest rates make your debt grow long after you’ve received your diploma.

When it comes to federal student loans, applicants are given a six-month grace period after graduating where they won’t have to start their repayment plan. The grace period allows for graduates to adjust from their full-time schooling to find full-time employment.

Previously, federal loans during the grace period were still subjected to accruing interest. Although you had the opportunity to delay your repayment plan, you would dig deeper into debt. Now, graduates are free from collecting interest during the grace period.

Unfortunately, provincial student loans don’t carry the same benefit for applicants. In January 2019, the Ontario Government announced that OSAP (Ontario Student Assistance Program) would undergo some changes in the upcoming year. One of the biggest changes was that the 
six-month interest-free grace period has ended — the loans will collect interest from the moment that students graduate. Now, students using OSAP will be given no interest-free buffer between their schooling and their job hunt.

Many shared their worries about the changes for 
OSAP grants and loans on social media. They were upset that they would get less funding and face greater debt than they did the year before. They wondered if they could even afford to stay in their programs, and some admitted that they would be forced to juggle employment with their full course load in order to make ends meet.

Student Loan Repayment Relief plans

Maybe you’re struggling to find stable employment and you’re not bringing in enough income to make payments. Maybe you’re dealing with other types of unsecured debt and your student loans are taking the backseat to higher interest rates. Whatever the reason, you should know that there are resources that can help you repay your student loans.

You may be tempted to try a debt consolidation loan but that move comes with several downsides. Debt consolidation loans often have high-interest rates — student loans don’t. Taking out a consolidation loan in order to pay off the student debt isn’t the best strategy and could end up costing you more in the long-run.

Plus, a debt consolidation loan will eliminate the possibility of filing for a tax break.
 

When you’re struggling to repay your student loan, it’s important you explore all your options, and a Licensed insolvency Trustee can help you decide what’s best for you.

STUDENT DEBT IN CANADA

Canada is currently in the midst of a student debt crisis. Over 20% of Bachelor degree holders graduate from their programs owing more than $25,000 in debt. Those findings are from 2017 — the numbers have likely grown since then. Tuition costs have gone up every single year for the past three decades, and the majority of students are having trouble keeping up.

According to Statistics Canada, undergraduate students currently pay an average of 
$6,838 for tuition in a single year. In 2017, that average was approximately $6,500 a year. Graduate students pay an average of $7,086 per year. And the following specialty programs come with astronomical tuitions in Canada:

  • Pharmacy: $10,746 a year
  • Law: $13,332 a year
  • Medicine: $14,780 a year
  • Dentistry: $23,474 a year

The steady rise in tuition costs isn’t the only thing causing students to take out massive loans. The student debt crisis is aided by precarious employment and stagnant wages — these can barely cover the costs of living in the GTA, let alone the rising costs of higher education.

Decades ago, students could pay off their yearly tuition with the money that they made during a summer job. Now, a student would have to make almost $7000 from seasonal employment. The minimum wage in Ontario is currently $14.00 an hour — this means that students would have to work over 490 hours just to match the price of tuition. If they worked for forty hours a week for three months straight at a minimum wage job and saved every single penny of their paycheques, they would still come up short.

Plus, tuition isn’t the only expense that comes with the university/college experience. Students have to pay for books, dorm rooms/rent, utilities, food, transportation, phone bills and more. When you tally up the costs, it’s easy to see why so many people turn to loans for help.

Speak to a Licensed Debt Professional

If you’re having trouble with your student debt and live in Ontario, you can always book a free consultation with one of the licensed insolvency trustees at David Sklar & Associates for assistance.

 

You’re not alone. Many Canadians are struggling with the burden of student loan debt long after graduating from their program. The positive news is that many Canadians have also found a way to relieve themselves of that burden — and you can, too. Follow these financial tips and you can say goodbye to your student loans forever.