It's paramount that you know where your loans came from so that you can be prepared to repay them in a timely fashion.
The possibility of Student loan consolidation depends on the province or territory in which you live.
If you took out both federal and provincial loans, they will automatically consolidate if you live in: These provinces allow you to apply for both loans with one application, and after graduation, they consolidate the student loans via the Integrated Student Loans program. There are some provinces and territories that only offer one type of loan, either federal or provincial/territorial, so you'll only have one loan to repay anyway.
Think twice before you try to simplify your life (or lower interest rates) by consolidating government student loans in with your other debts.
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?
Forget interest relief, debt reductions or loan forgiveness programs.
You won't even be able to claim your tax deduction for student loan interest.With a consolidation loan, you can consolidate and pay off debt, and get out of debt faster.A debt consolidation loan can be used to pay off credit card debt or to combine and pay off multiple bills, leaving you with one affordable monthly loan payment to manage.If you needed more financial assistance, you may have explored provincial or territorial loans.Finally, you may have accumulated private loans and lines of credit offered by banks to help you meet the costs of your education.Following graduation from college or university, you may be one of the thousands of students facing loan repayment.