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New rules for paying back student loans

New rules for paying back student loans

Posted on: August 27, 2017
Author: Lana Cuthbertson

Last fall, the federal government delivered a post-Halloween treat to students by changing some of the rules around student loans, making it a little easier to pay them back.

Canadians graduating from post-secondary with student loans now don’t have to start paying them back until they’re making $25,000 per year. That’s up from a previous minimum of $20,201. For families of five or more people, the threshold is now $67,825.

The repayment assistance plan was also widened in scope so more graduates can to apply for loan forgiveness. Students often also take advantage of lines of credit offered by financial institutions designed specifically for their circumstances. But figuring out which tools to use to set yourself up for the future can be overwhelming.

“Most students have never applied for any kind of credit before. It’s kind of daunting,” said Jon Holland, manager, solutions, at ATB Financial. “Most of the heavy lifting on paying your tuition should be done with a student loan, because it's tax efficient, and our student line of credit isn’t. The student line of credit should be used instead to help you live and survive,” Holland said.

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