STUDENT LOAN REPAYMENT: Everything you need to know about the Canada Student Loan & OSAP
Channel: Breaking Bad Debt - Dr. Steph
Date: 2022-04-23

When I graduated from med school, I had ~$100K in student loans (which is typical if you’ve been in school for 10+ years)! In this video, I talk about everything you need to know about Canadian and provincial (e.g. OSAP) student loans. This is a recording of a lecture I did with the Financial Aid Office at UofT Med for the students on how the NSLSC repayment works, what are the types of interest rates, and programs I used to pay off my loan sooner. 

𝗧𝗼𝗽𝗶𝗰𝘀 𝗖𝗼𝘃𝗲𝗿𝗲𝗱:
0:00 - Intro
0:50 - What happens to NSLSC loans after you graduate? 
2:23 - Interest rates: Fixed vs Floating 
4:30 - Repayment Terms
5:33 - Should I consolidate student loans to the LOC?
10:24 - Programs to accelerate loan repayment
16:48 - What if you can’t pay loans off? 

𝟮𝟬𝟮𝟯 𝗨𝗣𝗗𝗔𝗧𝗘𝗦: 2:26 - As of Nov 2022 Canada Student Loan Interest is now permanently 0% yay! So you don't have to worry about choosing Floating or Fixed interest rate!
1:54 - OSAP loans now no longer accumulate Interest until after the Grace Period, NB provincial loans are now at 0% interest. 
12:01 - Provincial loan forgiveness updates: https://youtube.com/shorts/AFJa2MPWWl0?feature=share

𝗥𝗲𝘀𝗼𝘂𝗿𝗰𝗲𝘀:
1. TUITION TAX CREDITS: https://youtu.be/fq7uBQmlrkc
2. UofT Financial Aid Office Module: http://emodules.med.utoronto.ca/DCemodules/FinancialResourcesY4/story.html
3. NSLSC Student Loans Presentation: https://players.brightcove.net/2456793370001/Hkv5PUW4G_default/index.html?videoId=5859470801001
4. Loan Interest Calculator: https://www.calculator.net/loan-calculator.html
5. Student Loan Interest Tax Credit Calculator: https://www.debt101.ca/taxcredit

If you’re an instructor who would like to access my slides, please reach out on:
Twitter: https://twitter.com/stephanieyzhou
Instagram: https://www.instagram.com/breakingbaddebt/ 

Disclosures: There are no conflicts of interest to disclose. These slides are for education purposes only. Any information, views, and opinions expressed are solely those of the presenter and are not a substitute for financial advice specific to your personal situation.

#studentloans #osap #financialeducation