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It's not uncommon for students to graduate with an average of $20,000 in debt from student loans. How this loan is repaid can affect your credit score tremendously. Here is what you need to know.
1. In Ontario, you get a 6 month grace period before interest begins to incure. However, as of Nov 1 2016, students are not required to begin paying their loan until they are earning at least $25,000 annually - interest does still incur after 6 months. After a bankruptcy, the last thing you may be thinking about is getting another credit card or loan. What you need to know, though, is having a credit card is extremely important to rebuilding your credit, especially if you plan to apply for a mortgage.
Re-establishing your credit let's the lender know that you can handle your financial responsibilities. No credit means you will have to opt in at a higher rate and a condition for a higher down payment. Here are 4 steps to rebuilding after a bankruptcy or proposal |
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