- Learn to live on less, save part of your student loan to apply to your debt once you graduate.
- Find unique ways to save money. Offer to be the DD one night a week for the same cost of a taxi.
- Make sure all your debt is a student loan not personal, because student debt interest is tax deductible.
- Parents, get university-bound students to practice grocery shopping and buying household goods.
- Learn how to make high volume and high calorie meals on a budget.
- Learn how make a financial plan. Make a realistic budget for the school year.
- Sharpen your skills of negotiation. Ensure you're getting the highest salary possible when you graduate.
- Continue to live like a student while you pay your debt off.
- After graduating devise a realistic plan to pay off your debt and stick to it!
Wednesday, 12 October 2011
How to Control Your Student Debt
The average cost for an undergraduate student to go away for university is $65,000. If you're looking at completing a masters or a professional degree the expense is much higher. This is forcing students to graduate with thousands of dollars in debt. In fact in Canada the average student loan is $23,000. In places like British Columbia, where the cost of living is higher, that number is closer to $30,000.
I spoke to Certified Money Coach Karen Collacutt of Money Coaches Canada. Karen is known for her warmth and positivity, which create a comfortable space for talking about financial challenges. She provides direction and encouragement in a way that makes people feel good about what they are doing. She has helped many new graduates get out of debt fast. Here are some of her best tips.
Watch my entire interview with Karen Collacutt from Money Coaches Canada below.
You can contact Karen here.
Posted by Rubina Ahmed-Haq