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Student Loan Debt | 5 Debt Relief Options You Must Know

Some people think of Student Loan as an investment, well in fact it is. However, after years of payments, debtors start to struggle to pay their student loans; and from investment, it becomes a tedious debt.

If you have more than $10,000 worth of debt including Student LoansCredit Cards, Personal Loans, CERB, Car Loans, Taxes, HST, 407, Household Bills, and Payday Loans you need to know this information. Read through the article to know more.

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Helped with $ 27,000 $ 41,500 $ 35,000 $ 17,000 $ 23,500 $ 46,340 $ 21,000 $ 35,000 $ 26,700 $ 65,500 $ 57,400 $ 17,500 $ 75,500 $ 63,000 $ 35,000 $ 18,500 $ 55,000 $ 85,500 $ 43,000 $ 29,500 $ 27,800 $ 41,200 $ 35,800 $ 85,000 in debt

1 day 3 days 3 days 8 days 7 days 6 days 12 days 9 days 3 days 6 days 1 day 4 days 2 days 1 day 7 days 5 days 8 days 6 days 12 days 16 days 5 days 8 days 2 days 7 days ago in debt in

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Student Loan Debt

This is a government-approved debt relief options for Canadians who are tied up with student loans to take advantage of in order to get out of debt faster. Get your Free Consultation to know the estimated amount you can eliminate off your debts.

According to a survey conducted by Statistics Canada reported by Global News, one (1) in three (3) post-secondary student had a work placement canceled or delayed due to the COVID-19 Pandemic. This resulted in students not being able to honor their student loan payments. [Read full article thru this link]

What Debt Relief options available for Student Loans?

1. Seek Help Sooner and Renegotiate

new loan payment terms

The very first remedy before further falling behind your student loan is to contact your loan lender and negotiate new loan payment terms that are more affordable depending on your given situation.

This option is for you if:

  • You only need a temporary payment relief
  • You still have the capacity to pay off the loan amount

2. Eliminate Other Debts [Small Debts]

Small Debts

If you have other debts that can easily be paid off, try to pay off those first immediately. This option works best for you if you are looking to pay off all your debts and you just want to get rid of them one by one.

This option is for you if:

  • You plan to pay off debts one at a time.
  • Have capacity to pay all your debts but just struggling temporarily.
  • If you have savings to pay off a small debt immediately.

3. Canada Repayment Assistance Plan [RAP]

Repayment Assistance Plan

This is a Government Assistance program that will allow you to repay your student loans at a reduced amount on a monthly basis. If things aren’t going too well for you financially, for example, you don’t have a job and you’re not able to pay your loan, this is for you. This option will not eliminate your student debt, though it will only provide payment relief, not debt relief.

This option is for you if:

  • You don’t have a current source of income but wants to continue paying.
  • You are out of school for at least six months.
  • Don’t want to be in default on your student loans.

4. Hardship Provision

Hardship Provision

If you have left school after 5 years or more and weren’t able to pay your student loan, you may apply for the “Hardship Provision” thru the Court. In this provision, you need to prove you are experiencing hardship and have already exhausted all options to repay your student loan through various government options such as the Repayment Assistance Plan.

This option is for you if:

  • Tried and exhausted all other options mentioned above but no success in repaying your debts.
  • Continuously experiencing hardship or financial difficulty which hinders you from repaying your student loan debt.

5. Government-Approved Debt Consolidation Program

(BEST OPTION – Must-know if you have more than $5,000 or more worth of Student Loan debt)

Government-Approved Debt Consolidation Program

Do you have more than $5,000 worth of Student Loan Debt? This one is the best option for you.  Student Loan can be included in Canadian Debt Consolidation which will help you pay off your student loan at a much affordable, faster and convenient way along with other debts such as Credit Cards, Personal Loans, CERB, Car Loans, Taxes, HST, 407, Household Bills, and Payday Loans.

Your Student Loan will be consolidated with your other debts into one single affordable monthly payment plan. This is a government-approved program that will stop all wage garnishments, protect you from any lawsuits, stop interests from all your debts and give you peace of mind. This helps reduce or eliminate your debt by up to 75% for easier repayments.

We are Canada’s trusted debt relief agency who can provide you debt relief options to pay off not only your Student Loan but also other loans.

This option is for you if:

  • You want to rebuild your credit.
  • You want to stop any lawsuits and wage garnishments.
  • Running out of other options to pay off your debts.

 

We at National Debt Relief Services Canada will provide you with a free consultation at no costno risksno upfront feesno commitmentsno obligation.

Just use our Free Debt Savings Estimate Calculator and one of our debt specialists will contact you to discuss flexible debt consolidation options that will fit your current financial situation.

If you are experiencing problems paying your Canadian Student Loan, we can help you. We help hundreds of Canadians everyday secure a debt-free life through our government-approved debt relief programTalk to us and we’ll show you more benefits this debt relief and consolidation program provides.

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Top 5 Key Benefits of our Ontario Debt Relief Program:

To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.

Do you want to experience Peace of Mind from all of these?

  • Credit Card Debts
  • Personal Loans
  • Car Loans
  • Taxes
  • HST
  • 407
  • Household Bills
  • Payday Loans
  • Student Loan
  • and more…

Talk to us! We will help you get out of debt.

We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.

Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!

Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.

We will help you compare
the options and savings of all formal debt relief programs available to you.

SEE IF YOU QUALIFY TO:

No contact details required to find out if you qualify

Frequently Asked Questions

A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.

Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.

No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.

The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.

 

This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.

If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.

After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.

A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score. 

National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.

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