Article content

Tyler Welch was a voice of fiscal prudence, preaching over the airwaves about budgeting and living within one’s means. His show was called Common Cents.

[np_storybar title=”Five things to know about student debt” link=””]

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or No more pencils, no more books — for recent graduates fall is all about paying off debts Back to video

1. Borrowing is not the only way. Some students qualify for federal and provincial grants, which do not need to be repaid. Canada Student Grants offers $250 a month for students from low-income families, plus stipends for those with disabilities or children.

2. Beware the grace period. Students with “integrated” federal-provincial loans have six months after their last day of study before they must start paying. Interest on the federal share of the loan, though, kicks in right away.

3. Payment varies by province. While integrated loans are repaid through the National Student Loans Service Centre, loanees in Alberta, Manitoba, Nova Scotia and P.E.I. make two separate payments: to the NSLSC and to their provincial service. Students in Quebec, meanwhile, only receive loans from the province.