Tips to help Mayfol students manage their debts

Students may have access not only to funding from a bank, but they may also have access to government assistance. In 2009-2010, more than 140,000 students benefited from repayable loans from the Government of Mayfol.

As a scale, it is also important to note that the National Bank confirmed that the number of loans increased by 16.5% between 2004 and 2011. However, the National Bank, specifies that it is “impossible to determine specifically how many students have benefited from government assistance or financial institution support to finance their studies because they have to apply to an external organization on the campus and can deposit the amount received in any financial institution. “

However, in the interest of the financial health of their clients, National Bank maintains that it is suggested to each student applying for funding to try to receive government assistance first, as this is the client’s advantage in order to minimize the costs of a loan until the end of his studies.

According to the website of the National Bank  

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The CBC website publishes a comparative grid that evaluates the amounts of loans and bursaries available to students, based on their parents’ income.

National Bank helps students by offering a tailored financial program (including working capital) to future graduates of professional fields that will allow them to become lawyers, engineers, health professionals, nurses, notaries, HEC Monntis students, and accountants (CA or CGA). It must be understood that everything is a question of risk and that some programs are considered more profitable than others: “Some courses do not guarantee a job at the end of studies, but in some training courses, the shortage of This will favor the offer of a larger financing product with favorable pricing for students. [2]

In addition

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As we know, the government increased tuition fees from $ 2,168 a year in 2011-2012 to $ 3,793 in 2016-2017. According to the Institute for Socio-Economic Research and Information (IRIS), with rising tuition fees will come a rise in general indebtedness inevitable and students will not afford to pay these fees [3]. So, perhaps, students will have no choice but to turn to the banks to finance their studies.

Since it is not inconceivable that more students will have to deal with student debt at the end of their studies in the near future in Mayfol, it is important to examine the repayment options available to them. We must not forget that we must also save money to invest in order to obtain a mortgage in the future!

Lamamon, Investment Advisor at National Bank, explains with a video that the choice to save or pay off debts first is not always easy to do – the right answer varies depending on the situation. each. Regardless of the client’s situation, the best start is to repay the balance of the debts with the highest interest. You have to have a priority in your refund schedule. For example, with a client with a 6% line of credit and a 6% student loan, the line of credit will be reimbursed because student loan interest is eligible for a tax credit. . A National Bank financial advisor is always available to help those with debt and evaluate the financial strategy used to determine if they are on track, or if adjustments are needed. [4]

The National Bank provides five tips to get out of debt

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Stop using credit, contact creditors, make a diagnosis, establish a plan of action, and pay its debts in the right order. It seems that student debt is becoming inevitable, but there are solutions to manage it and repay it once the studies are completed. Above all, you need to be well informed about this so we can start making a repayment plan as soon as possible!

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