Dealing with Student Credit Card Debt

Dealing with Student Credit Card Debt

If you are a college student and already racked up excessive debt, you are probably wondering how to deal away with debt. The good news is that there are different ways to eliminate debt and solve your money problems before your credit score suffers.

Debt Consolidation Loans

If you have credit cards, student loans, and other types of debt, then a debt consolidation loan may work out in your case. Many finance providers advertise consolidation loans with flexible repayment schedules and competitive rates that allow borrowers to combine different balances. A major benefit is that you will be offered a lower interest rate especially if you use the services of a debt consolidation company. They negotiate with financial institutions to secure affordable monthly payments and a reduced outstanding balance. There are no up-front fees, and borrowers benefit from a host of added features and tools such as online budget calculators, fee journals, easy access to their online account, and a lot more. While finance providers may require a co-signer in some cases, borrowers are offered secured and unsecured loans and benefits such as online enrollment and additional services such as debt settlement and debt management. There are other benefits for borrowers who opt for a debt consolidation loan, whether secured or unsecured, one being a single payment and one due date, which makes it easier to plan and avoid late payments and hefty penalty charges.

Balance Transfer

This is an alternative to consolidation provided that you have credit card debt only; Read more… If you have multiple credit cards with high balances and interest rates, then you may want to look into various balance transfer options offered by major Canadian issuers and local and regional credit unions and banks. Finance providers typically feature a zero or low rate over a promotional period that varies by issuer. It can be as long as 18 months but typically lasts between 6 and 12 months. You benefit from a very low rate that allows you to repay your outstanding balances over a shorter period of time. Whether you have student, specialty, cashback, airmiles, rewards, or other types of credit cards, a balance transfer makes sense if you are offered a lower rate than on your existing balances. And it makes sense to pay the balance in full each month to benefit from the promotional period; Read more…

Other Options

If you have student credit card debt, there are other options to consider and repay your balances faster. These include credit counseling, negotiation with creditors, debt restructuring, individual voluntary arrangement, and formal proposal to your finance providers. The choice of a financial instrument depends on how you handle debt, types of outstanding balances, amounts owed, individual preferences, outlook, credit score, and other factors. If you use the services of a financial counselor, you will discuss your money problems and the best way to handle and avoid debt in the short and long term. Consolidation is one option to simplify payments and budget and cover interest charges and the principal. Bankruptcy and debt relief are alternatives. While bankruptcy is really a last resort, borrowers who opt for debt relief enjoy the fact that a portion of their debt is forgiven which makes repayment easier and more manageable.

University of Saskatchewan

The University of Saskatchewan is an accredited and established institution of higher education which was founded back in 1907 and offers graduate and undergraduate courses and programs. This is a public research institution that welcomes international applicants and domestic students, studying in 3 graduate colleges, 13 interdisciplinary colleges, and several affiliated and federated colleges.

Programs and Degrees

There is a large selection of postgraduate and undergraduate programs and degrees, certificates, and diplomas. Applicants can choose from a host of different programs, including computer science, Catholic studies, practical and applied arts, special education, art history, and so on. The university offers degree programs in engineering such as mechanical, geological, and environmental engineering and electrical, computer, and civil engineering. There are degrees in bioresources and agriculture as well, for example, soil science, horticultural science, environmental science, and applied plant ecology, to name a few. Degrees in business are also available, from operations management and marketing to management, human resources, finance, and accounting. Students can choose from non-degree programs as well, including veterinary science, pharmacy, nutrition, nursing, medicine, law, and dentistry.

Criteria and Admissions

This depends on your degree and program of choice, whether it is an undergraduate or graduate program, etc. If you plan to study veterinary medicine, for example, you will be asked to show proof of 2 years or 60 credits of pre-veterinary courses such as intro to microbiology, genetics, biochemistry, organic chemistry, physics, mathematics, biology, etc. The selection criteria include references, interview, and the applicant’s academic record. There are different categories of applicants based on residence. The criteria are different if you want to study medicine (Doctor of Medicine M.D.). It is a good idea to go over the criteria for selection, which include residency, MCAT results, Bachelor Degree, ranking, academic consistency, etc. There are postgraduate medical training programs as well, including pathology, ophthalmology, neurology, and internal medicine, including respiratory, cardiology, and general. You can also apply for other programs such as psychiatry, pediatrics, general medicine, and physical medicine and rehabilitation. Non-direct entry degree programs also include nutrition, law, and dentistry. Those who want to enroll in the dentistry program are asked to show proof of completed high school subjects such as grade-12 level physics, chemistry, biology, and mathematics.

Students are also asked to show proof of having completed undergraduate courses such as biomedical science, physics, chemistry, and biology. Selection criteria also include interview with the applicant and DAT scores based on perceptual ability, academic average, and reading comprehension. In addition, there are different categories of candidates such as special case category, foreign trained dentists, aboriginal candidates, etc. The law program also has certain admission criteria to qualify, for example, applicants are asked to submit a personal statement, their LSAT score, and academic record. Admission requirements also include proof of proficiency in English and 60 credits or 2 year of undergraduate study. Again there are different categories of applicants, including special applicants, aboriginal applicants, and regular applicants. Preference is given to applicants who are residents of Newfoundland and Labrador, Prince Edward Island, the Northwest and Nunavut Territories, and Yukon. Basically, these are places with no Law College or program. The college also offers certificates, including certificates in global studies, criminology and addictions, applied and professional ethics, aboriginal theatre, and others.