It’s almost September, which means it’s time for students to start worrying about many things. Will I like my roommate? Who is going to make me dinner? What if I can’t find my way around campus? These are all common concerns you would expect from students just entering their post-secondary career. According to an article in the Huffington Post titled, Canadian Students’ Debt, Job Prospects Top Lost of Back-To-School Concerns, students are adding more worry to this transition period. They are worrying about the somewhat distant future as well. An online poll was conducted and showed that 48% of students are most worried about covering expenses for the coming year and repaying their debt, which most expect that debt to be over $25,000 when they graduate.
In the article, Christina Kramer, Executive Vice-President of Retail and Business Banking at CIBC says, “having a clear picture of your expenses today, as well as what your debt payments will look like when the time comes to pay back your loan, will help you feel ready for the future.” The article also suggests that students sit down with their parents or a financial advisor and consider costs involved in their post-secondary education. Figure out how much the student will cover and how much parents will contribute. This will allow the student to budget accordingly and hopefully keep them from overspending.
As a Trustee in Bankruptcy, I’m proud of these students who are concerned about their debt before they even receive their student loans. I don’t enjoy seeing people in financial difficulty. What I do enjoy is helping people. I like seeing the look of relief on their faces when they realize they have taken their first steps to becoming debt-free. I enjoy hearing client stories about how they have stayed out of debt after they have been discharged.
If you are a former student and are still trying to climb out of debt, we may be able to help as student debt can be discharged (if you have stopped being a student for 7 years). Contact one of our offices today for a free, no-obligation consultation.
