Financial advisors, money management books and websites may all advise you to do this. Who wouldn't rather make just one payment a month to cover all debts?
In fact it can be a good strategy with other debts that get out of hand.
But when you add public student loans, you could face real problems. So if you roll in student loans, they're no longer student loans. Because that cuts you off from government programs that assist with student debt.
Forget interest relief, debt reductions or loan forgiveness programs.
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One of Canada’s most recognizable not-for-profit credit counselling agencies does not employ any certified credit counsellors and industry sources claim counsellors are instructed to engage in practices that take advantage of clients mired in debt.
This same caution applies to any advice to turn government loans into bank loans.
Over the past few weeks, there’s been a great deal of buzz surrounding telecom in Canada, particularly around acquisitions, and network consolidation. Back in May, news broke that TELUS had made an offer to acquire the struggling wireless upstart Mobilicity for 0 million.
Think twice before you try to simplify your life (or lower interest rates) by consolidating government student loans in with your other debts.
You won't even be able to claim your tax deduction for student loan interest.
You'll still be paying interest, but without the tax break.
“We are now at a point where many members of our counselling team are exceeding these expectations, which is why we have invested in their AFCCs (Accredited Financial Counsellor Canada) certification designation.”Schwartz told the Star that three counsellors were nearing completion of the course materials and were preparing to write the exams in mid-February.
“Consolidated Credit always has, and always will put the needs and the best interests of consumers first,” Schwartz wrote.
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(NYSE: BBY) – which owns and operates both Best Buy and Future Shop stores – today announced it is consolidating the Future Shop and Best Buy stores and websites under the Best Buy brand and unveiled an ambitious plan to build a leading multi-channel customer experience.