Tips On Managing Student Loan Debt From 4 Pillars

Getting a college or university degree is a goal for many students. This may include going to the University of Victoria, UBC, or even to Simon Fraser in British Columbia, or any of the many top educational facilities throughout Canada.

Regardless of where you attend undergraduate or postgraduate courses, it is likely you will have some level of student debt. For many individuals, this debt can stretch out over years, and paying it back can become a challenge during financial downturns, employment challenges, or other types of life events.

If student loan debt is a reality in your life, the team at 4 Pillars in Victoria offers the following tip to help you make payment on time and according to your loan agreement.

Consider Your Budget

As your life changes from student to employee or self-employed, it is essential to consider your budget. Knowing what your monthly income and debt it at all times helps in identifying if challenges in your financial status may make it difficult to meet debt obligations.

Seeking help from 4 Pillars debt consultants when it first occurs provides greater opportunities to consider your budget and make slight adjustments to free up funds to make payment.

Keep Making Payments on Student Loans

It is important to keep making payments on your student loans if at all possible. There are specific tax deductions on student loans that can be lost if you choose to consolidate the loan or refinance.

Knowing your options and the pros and cons of each choice is important. To talk to a 4 Pillars debt consultant about student loan debt, call us at 866-690-3328.