In Payment

New Grads: Tuition Fee Rebates Across Canada

  UPDATED Sptember 2014...

If you're a new Canadian grad searching for extra ways to pay off that student loan debt, check out Canada's provincial tuition rebate programs. Who couldn't use an extra $20,000 or $25,000?

I'll list the universal programs here - the ones most grads can obtain.

Some provinces, such as BC, only offer rebates, debt reduction or partial loan forgiveness just to small groups of people. An example recent grads working in B.C.'s civil service (the 'Pacific Leaders' program).





Alberta: Replacements to the Cancelled Student Loan Relief

Many Alberta residents use this website. So we wanted to write a Q + A to give full details about two replacement programs announced when the popular Alberta Loan Relief program got cancelled back in 2012.

These replacements were supposed to be a 'Completion Incentive Grant' and a 'Retention' grant intended to discourage grads from moving to other provinces.  

Last Chance for Alberta Student Loan Relief

 
 
UPDATE: Since this was written, Alberta has now ENDED Student Loan Relief. This article just remains as an archive.
 
NEW: See Replacements for Alberta Loan Relief 
 
 
Alberta Student Loan Relief has been announced as ending on July 31, 2012.
 

The Mystery That Is Alberta

 

Oh, Alberta Student Loan Relief, we hardly knew ye.

We get a lot of Alberta users on this site. So I've always felt bad that we didn't have more information for them on the only program that actually reduced (by a bit) their Alberta student loan debt.

The program was called Alberta Student Loan Relief.

We’ve had a few articles, of course, but why didn’t we have more details?

Dear Albertan readers, our lack of detailed information wasn't for lack of trying.





Take Your Student Debt to Saskatchewan

 Hey, unemployed university grads stressed out by debt. Let's connect some dots...

 Dot 1. Little item in the news today (Nov 29, 2011) says:

Germany’s K+S AG, Europe’s largest potash producer, is moving ahead with construction of the $3.2-billion Legacy project in Saskatchewan – the first potash mine to be built in the province in 40 years.





NEW! Q & A on RAP - Canada's Student Loan Repayment Assistance Plan

  

By Rodney Noriega

Source for this Q & A: Barry Beaulieu is a policy administrator with the Canada Student Loans Program (CSLP).

 


 

WHO TO CONTACT ABOUT RAP

 

Student Finance 101: Who do you contact to apply for RAP?

Using 'RRSP or Faster Payoff of Your Student Loans' Calculator

Does your job pay enough to let you save a bit? This customized and original Debt 101 calculator can help you grow that into more money!

It'll show you how to get the best return for your savings: invest in an RRSP or make extra payments on your student loans or other debts. 

This In Payment article will explain how an RRSP might compare with faster debt payoff as a financial strategy.  

How Much Is Your Student Loan Interest Tax Credit Worth?

Did you know you can get money back as a 'tax credit' on the part of your student loan payments that went to interest charges?

For the juicy details, see Claim Your Student Loan Interest Tax Credit

And here's something most people don't know. You qualify even if you're paying off defaulted student loans to a collection agency.

Which Student Loan Interest Rate Is Best: Fixed or Floating?

When you leave school, you have to sign a "loan consolidation agreement." That's when you set your repayment terms, such as whether to pick fixed or floating interest rates for your student loans.

This decision can save (or cost) you hundreds of dollars. You can try some numbers in advance with the Canlearn Loan Repayment Calculator (Fixed or Floating interest rate)

What Could You Save Making Lump Sum Payments?

 You can save thousands of dollars on interest costs. And it's not complicated. Just throw spare cash at your student loan debt – on top of your regular payments.

These extra, one-off payments are usually called 'lump sum' payments.

Use this link from Manitoba's Credit Unions to see the payoff.

Tips: This calculator is simple to use, but it won't take commas. And if you're on the results page, you have to click that page closed to go back and try new numbers in the input page.

Check it out…