How to Manage Your Debt Fears As a New GradJun 01, 2018
Many young Canadians have the sense that their entire generation is coloured by the weight and longevity of student debt.
When it comes to student debt, the responsibility of paying it off can be intimidating and overwhelming. But before you let the fear of debt take over, here are some resources to keep your plan and your perspective on track.
- First, remember that you aren’t alone. 3/4 Of Grads Have Student Debt Regrets is an honest portrayal of the struggles current and past students have with their student debt.
- Student debt fears can really take over if you feel out of control, like you don’t have a plan. Start here: Check out the Financial Consumer Agency of Canada’s step-by-step description of how to get started Paying Back Your Student Debt.
You’ll need to identify all your lenders, your unique payment schedules, interest rates, and what to do if you feel you can’t make your payments. Having a plan can bring the emotional relief you need.
- Use the OSAP online debt calculator to determine what your payment will be, and this online debt calculator for Canada Student Loans.
- Here’s some down-to-earth advice from a fellow Ontarian, Christine Drummond of The Wallet Diet. She talks about “lifestyle design” in her post How I Paid Off My Student Debt Using the Latte Factor.
- The Good Men project serves up some strategies on paying down your debt consistently and effectively in 6 Strategies Young Professionals Can Use to Pay Off Their Debt. It might seem unfair to be saddled with a lot of debt at a young age, but they argue that it’s the best time to make a big financial impact and set yourself on the right path.
- This article from The Goods lays out some other realities for recent grads, too. If you’re feeling fearful or uncomfortable about how to cover your living expenses while tackling debt, you aren’t alone. Financial expert Rubina Ahmed-Haq explains why so many young grads are living with their family to help make ends meet in A Financial Expert Explains Why Millennials Are Leaving Home Later Than Their Parents.
- This list of 31 Quick and Dirty Tips to Get Your Finances in Shape for 2018 is worth a read. When you might be feeling overwhelmed by the big picture goals of eliminating all your debt, this list gives you easy ways to make an impact without feeling worn thin.
- Not everyone is able to secure work right out of school. But when you do get a job, consider using some of these methods to help make a dent in your debt. Our blog on How To Pay Off Student Debt After Starting Your First Job can set you on the right path.
It’s not impossible to eliminate your student debt. But it won’t be done in a day, either. Remember to give yourself some realistic goals with realistic timelines. You’re more likely to see progress and be motivated by your own success.