Debt is a reality most people deal with on a day to day basis.

It's one thing when your debt is tied to a mortgage or some kind of investment, at least you're gaining something there.

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But it's a much more serious issue when your debt comes from student loans. And the truth is that many Canadians are struggling to pay back these loans.

Luckily, the government is here to help those who can't make ends meet.

As of November 1, you no longer have to pay off your student debt.

You heard right, the government finally realized that dipping into the pockets of people who aren't making any money wasn't a very smart strategy, so now you only have to pay the loan back when you can afford it.

This means that until you are earning a minimum of $25,000 a year, you are exempt from paying back your student loans.

This is great because it will help students join the workforce instead of postponing their careers until their debts are paid. They will be able to get married, buy a house and spend money instead of pinching every penny.

But that's not all, if a borrower makes more than $25,000 and still can't pay, there is a Repayment Assistance Plan in place to assist.

The monthly payment plan may be reduced or wiped clean depending your income and family size.

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