Student Loans 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 702 reviews
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!
Maria Curbelo
19:59 18 Jun 21
I had a great experience with Rhoda at the Mississauga location. Extremely knowledgeable and helpful, she made me feel confident I had made the right choice contacting David Sklar and co. Highly recommend.
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.
Dalia Berger
13:49 27 Apr 21
I was so impressed with the professionalism , the speed, the attention, the compassion, and the efficiency your office of David Sklar provided for me, you provided me with necessary information, you helped me solve a big problem I had , you were always available to answer my questions, I can’t thank you enough ,Will always recommend you to anyone who could use your services, thank youDalia Berger
Jay Caja
04:19 15 Apr 21
The support I received was thorough and timely and the help that I needed with Credit Proposal was addressed in a single interaction. Thank you so much!
stefania cicchino
13:54 27 Mar 21
We worked with Jackie. She is very professional and very caring. She is quick to respond and really cares about helping the people in front of her. I went with my uncle, who was scared of the whole process and mentally delayed. Jackie took her time with us and made him feel at ease. She carefully explained things multiple times and was very encouraging. She was a shining light in a difficult process.
Christine Lowe
16:44 12 Mar 21
Jackie is very professional, kind, supportive and super helpful. She was able to help me get back on track. Great service and I will definitely recommend them.
Belen Trava
19:01 11 Mar 21
Jackie provided me excellent service, was very helpful, and she made feel very secured and she listened to all my concerns.i was speechless with excellent service.
nicole lowartz
17:02 11 Mar 21
Had a great experience and successful result working with Carol at David Sklar & Associates! I was well informed and received great guidance after just the first conversation! She handled everything and helped me build a budget that is realistic and that i can really stick to! I highly recommend Carol and her team at David Sklar. Give them a call!
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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.

STUDENT LOAN CHALLENGES 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 cap, gown and 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 settle the repayments. 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.

 

Start by trying out Student Loan Repayment Relief plans for provincial and federal loans: 

  • OSAP’s Repayment Assistance Plan
  • Canada’s Repayment Assistance Plan
  • National Student Loans Service Centre

 

 

These will be your most straightforward options. You may be tempted to try student loan debt consolidation 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 since your debt from the former loan will build up much faster. Your resolution 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.

 

So, what other options are there? When you’re struggling with insolvency, and you’re looking for a crucial form of debt relief, you have two options: a consumer proposal or personal bankruptcy.

CONSUMER PROPOSALS AND PERSONAL BANKRUPTCY 

A consumer proposal is a legally binding agreement made between a debtor and their unsecured creditors, giving them a lowered amount to pay off over a maximum five-year period.

 

Personal bankruptcy is the legal declaration of insolvency, followed by the settlement of major assets and the distribution to creditors. It is usually thought of as a last resort. Licensed insolvency trustees will check to see if you’re a more suitable candidate for a consumer proposal before suggesting a bankruptcy filing.

 

The problem is that graduates looking for student debt help will meet some roadblocks with consumer proposals and bankruptcy filings. There are specific guidelines for Student Loans. If you don’t meet those guidelines, these relief methods will not help rid you of the student loan debt.

 

To be able to rid yourself of your student loan debt in a bankruptcy, you must have ceased being a student for a minimum of seven years. The seven-year qualification also applies to student loan debt and consumer proposals — along with restrictions for the repayment process. The Student Loans Program participates in dividends during the proposal or bankruptcy. Once the proposal or bankruptcy is complete, you will still have to pay the outstanding balance, plus the interest, minus the dividends. If you ceased being a student more than seven years prior to filing the proposal or bankruptcy, when the proposal or bankruptcy is complete, your student loan debt is considered paid in full.

Speak to a Licensed Debt Professional

If you’re having trouble with your student debt and live in Ontario, you can always book a 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.