The Canada Student Loan default is a 10-year repayment plan. Smart graduates either accelerate ($100/mo extra cuts ~3 years off) OR work in eligible rural/health roles for $20-60k loan forgiveness. Both paths covered here.
If your income is below a certain threshold, RAP REDUCES your monthly payment based on what you can actually afford. If income is very low, the government PAYS your interest. After 15 years on RAP, remaining balance may be forgiven.
RAP kicks in below ~$40k/yr single. Make regular payments + consider accelerated payoff above.
These are FEDERAL programs (Canada Student Loan only). Provincial portions have their own forgiveness — Ontario Loan Forgiveness for Health Care Workers, BC Loan Forgiveness Program, etc. Apply through NSLSC.
Always cover the minimum on all debts. Missed payments destroy credit.
19-21% interest on cards crushes student loan (5-7%) interest. Eliminate cards before paying extra on student loans.
If your job offers RRSP match, max it FIRST. Free money beats prepaying any debt.
Before prepaying loans, have a tiny safety net. Otherwise you put emergencies on cards = back at step 2.
Federal portion is interest-free. Provincial 5-7% rate. Worth paying extra IF you've handled steps 1-4.