student loan consolidation
student loan consolidation
canada student loan consolidation:
Mission
The mission of the Canada Student Loans Program (CSLP) is to promote accessibility to post-secondary education for students with a demonstrated financial need by lowering financial barriers through the provision of loans and grants, and to ensure Canadians have an opportunity to develop the knowledge and skills to participate in the economy and society.
Objectives
Maintaining the Government's Commitment to Accessibility - making student loans accessible to students with financial need by having policies, service delivery media, and information that maximize the accessibility of the program while maintaining program integrity.
Making the loan experience a positive one - by working to: simplify the program for all stakeholders; harmonize it with provincial/territorial programs and reduce defaults by improving services during the in-study period, repayment and collections.
Increasing awareness - by providing learning and labour market information to aid student borrowers and prospective borrowers in making informed choices. CSLP will continue to promote awareness by maintaining contact with borrowers throughout the life of the loan to improve borrower satisfaction and to enhance the loan repayment rate.
Ensuring performance, integrity and accountability - improving program results, reducing costs per student assisted, reducing defaults, and decreasing the percentage of loans written off by initiating a default management program; enhancing systems for tracking data; building accountability for reducing defaults into service provider contracts; and improving on-line services to students during the in-study period, during repayment and collections.
Student Loan Consolidation
Consolidating Your Student Loans
Most students have borrowed money to fund their post-secondary education, and they owe, on average, about $10,000, according to the Department of Education. If you have student loan debt, paying off your loan or loans is crucial and consolidating your student loans into one debt is one way to do it. Repayment affects your credit rating and credit rating determines your ability to buy a car or even find a good place to live. Like a home owner who refinances a mortgage, you can refinance your student loans to lower your payments and lower the interest (the amount you're paying for the privilege of borrowing). Consolidating your student loans means you'll pay less in the long run.
Student Loan Consolidation Services
Consolidating your student loan and lowering your loan payments can raise your income. You should consider using a student loan debt consolidation service if loan repayment is confusing to you, if you have several loans, or you have a mix of private and federal student loans. A loan consolidation service may lower your interest, lower your payments, maximize your income, and clarify the repayment process. Since loan consolidation services are competing for your business, they offer inducements for consolidating your student loan debt with their company. They may offer lower interest rates when you automatically deduct payments from your checking account or when you apply for your loan online. Be sure to shop around to get the
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Alternatives: Student loan debt consolidation & Consumer Proposal
It is worth noting that when it comes to dealing with student loans, bankruptcy is not always inescapable. You have a few options.
First, you could talk to the Canadian and provincial student loans lender (the bank, the government, or the collection agency), and try to work out payment arrangements.
If that does not work, consider student loan debt consolidation as a debt management solution for your situation.
If student loan debt consolidation is not possible, it may be possible to service your debts by filing a consumer proposal. This strategy is particularly successful if you are working and have the ability to pay something, but not the full amount, and only need more time to pay off all of your debts.
Consumer proposals can only be filed by a licensed bankruptcy trustee. Each trustee on our list of bankruptcy trustees offers a free consultation, and can help you assess your specific situation and the correct strategy for dealing with your student loans.
