I want to pay for my education
Do you have student loans to pay back?
If you received a loan through the Québec government's Loan and Bursaries Program and you now have completed your studies, the time has come to find out about the conditions for paying back your loan. Here are a few tips to help you prepare a repayment plan that fits your budget.
Managing your student debt
You can start paying back your loan as soon as you finish your studies. Alternatively, you can choose to take advantage of a six month exemption period. This means that you will not have to make any payments for six months, but interest charges will be added to your student debt. Note that you can opt to pay the interest charges as they are applied.
Want to pay your debt off faster?
So much the better! You will avoid interest charges. But before you make arrangements with your financial institution, be sure you have prepared a budget. This will tell you how much money you have available each month to put towards your debts.
Advice: It's best to set realistic repayment goals for yourself because, should you have difficulty making ends meet, it couls affect your credit rating and your ability to obtain other loans or even to rent an apartment. Consult your financial institution for advice.
Want to compare various debt repayment scenarios? This calculator can help you.
Unable to pay back your debt just now?
Check whether you are eligible for the Deferred Payment Plan in order to postpone repaying your debt for a few months. Contact your financial institution to work out an arrangement. Remember that you can take advantage of a tax credit on interest paid on a student debt. Finally, consult the Association coopérative d'économie familiale (ACEF) of your region, or a budget counseling service, to obtain assistance.
Did you know? There is a Loan Remission Program that applies if you have completed your program of study within the prescribed period of time. This program forgives 15 per cent of the student loan debt of any person who completed his or her studies whithin the prescribed period and who has received a bursury under the Loans and Bursaries Program for every year of study.