Paying back your student loans needs to be one of your top priorities once you graduate. Based on your personal or family budget, you’ll need to decide how to incorporate your monthly loan payment so that it just becomes another bill you pay. There are many ways to make sure your student loan repayment plan doesn’t feel like too much of a burden. You may want to apply for interest relief or might opt for reducing your monthly payment, which will spread your repayment over a greater number of months. There are many ways that you can make your repayment plan work for you.
Consistently paying back your student loan will save you a lot of trouble down the line. If you default on your loan, you could face additional interest charges, loss of future student loan and grant assistance, collections, a bad credit rating and loss of future Income Tax Refunds and GST Rebates.