Here are the steps to become a full-fledged graduate of Concordia University.
In addition to clearing your account in order to graduate, you may have new fiscal responsibilities.
If you were on student loans it is now time to start thinking about how you will pay them back. For the first six months after you leave school, you will not have to make payments to your Canada Student Loan or your provincial student loan. This is called your six month non-repayment period. However, during this period, interest does accumulate. You can choose to:
- start making the interest payments right away;
- pay the six months' interest as a lump sum before you start making your regular payments; or
- have your loan providers add the interest amount to your loan total after the six month non-repayment period.
It is your responsibility to contact your loan provider(s) to set up a repayment schedule before you have to start making payments after the six month non-repayment period.
It is always a good idea to have your plan ready before you need to pay back, a good resource is the National Student Loans website which will give you information on your Canada Student Loan.
This is a good opportunity to visit the Financial Aid and Awards Office and go over your budget.
Please visit your lender’s website to find out what repayment options are available to you. Many of them also have informative videos to help you understand how to repay your loan.
It is important to come up with a good plan and stick to it. It is also important to communicate with your lender if you are having problems repaying your loan before you miss a payment. Lenders can offer you advice and options, communicating early with them is always a good idea.
Missing a loan payment has serious consequences:
- Your credit rating could be affected, making it more difficult to obtain a loan, a mortgage or purchasing a car.
- You could have difficulty getting more loans or grants for future studies.
- Your loan could be transferred to the Canada Revenue Agency for collection. Your tax return refunds could be used to put towards your student debt.