Some students don’t realize they must pay back their loans, usually with interest
Many post-secondary school students will experience a sudden boost in their finances at the start of this school year as the government deposits their loan money.
But the seeming windfall is hardly the same as Ed McMahon showing up at a dorm room with a coveted million-dollar cheque.
The federal and provincial governments have doled out billions of dollars in student loans, and estimates suggest the average Canadian graduates with between $20,000 and $30,000 of debt. So, experts say, it’s crucial that students understand the ins and outs of the student loan system.
Myth 1: It’ll be enough to pay for school
Many prospective students apply for government loans with an idealistic notion that they will receive enough money to cover all their expenses, says Laurie Campbell, CEO of Credit Canada Debt Solutions. Leia mais