The Last Leg: Your Best Debt Relief With Under $5,000 in DebtOct 20, 2017
You’re in the home stretch. Your 5-figure student loans are now under $5,000 — and you could use some debt relief advice to help push you past the finish line to student debt freedom.
Student debt continues to have a great impact within the province. A recent BDO poll revealed that one-in-three Canadian graduates under 40 have less than $10,000 in student debt, so it’s a critical time to work towards paying it off.
Three-quarters of 21 to 39 year old graduates with student debt regret having taken on their student debt. That’s understandable.
The impact of their student debt has had greater reach into their life than they may have anticipated. In our poll, many stated that it has delayed other financial or life goals — like owning a home, getting married, having children, or just paying off other debts.
Your student debt is under $5,000. What debt relief options can help you finally pay off your student debt?
- Build a budget and stick to it. If it works for you, find an app on your smartphone.
- Discover the rewards of living a minimalist lifestyle and cut costs to have more money to pay off debt.
- Depending on the type of student loans you have, a debt relief option like consolidation could help get you over the finish line faster.
Regardless of how much student debt you still owe, if you’re struggling to repay it, there are also other debt relief options to consider, such as credit counseling, a consumer proposal, and bankruptcy. Read more about how to pay off your student debt here.
All debt solutions may not work for your situation, but understanding that there is debt help available can make the decision to ask for it easier.
According to our poll, grads who are still paying off student debt say it will take them an average of five more years to pay it off. One in five say it may still be another ten to twenty years. This is why taking action on your debt early is important. Even reading this blog is a good first step.
Finally, if you’re dealing with under $5,000 in student debt and you feel like you’ll never cross that finish line, take the time to get some inspiration from other grads’ experiences. Personal finance bloggers Christine Drummond and Jordann Brown share their debt stories on their websites. Learn the strategies they used to get relief from their student debt. Both blogs are worth the read!