1. Attack highest interest debt first: If you
have other debt besides student debt, pay that down first - assuming it's at a higher interest rate. Especially if you
have that dreaded Credit Card debt where you’re owing 20% interest.
2. Is your
debt with OSAP?: See if you qualify for the “Cap on Debt” program. The program
ensures you only owe back $7,300 per standard 2 term academic year.
3. Consolidate
if you need to: If you are feeling overwhelmed with debt beyond just your student debt, speak with a financial advisor at your local branch. They may be
able to consolidate your debt together and give you a simple payment structure that will work
for your budget.
4. Don’t let
it get out of control: Coming up with a plan to deal with debt today is better
than letting it get out of your control tomorrow. Deal with it today.
5. Budget:
Once you’ve discovered how much you can pay down per month on your debt – stick
to it. Don’t spend money you don’t have. To learn how to budget as a student,
visit A Student’s Guide to Spending.
I know
none of the options are that appealing (besides the Cap on Debt program), but
you can do it. And it’s better to attack the debt now than deal with an even
worse situation later.
