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How to Manage Your Debt Fears As a New Grad

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.

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.

How are you tackling student debt? Tell us on Twitter. #StudentDebt #Millennials #GenZ

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