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Student Life

Easy strategies to help repay your loans

Easy strategies to help repay your loans

Realistic goals to repay student debt and get your financial footing as you build your career

Savings Tip

Savings Tip

Keep getting a good deal. Join your alumni association for discounts you can use to save money well after you graduate.

Savings Tip

Keep track of tax credits. You may be able to claim a tax credit for interest paid on certain student loans.

Savings Tip

Earn it before you spend it. Take time to realistically research average salaries and future job prospects in your chosen field.

Savings Tip

Start today. The more you can put toward repaying debt today, the less interest you’ll pay over time.

Savings Tip

Help debts disappear. Adjust your loan repayment schedule if you can afford to pay more, sooner.

Featured Calculator

Featured Calculator

Try this savings calculator– you’ll be amazed at how much you could put away!

You’re not alone: more than half of graduates (57%) finish school with student loans to repay, carrying an average debt load of about $27,7471.

Finding ways to tackle that debt can be one of your first financial priorities after graduation. Here are some strategies to help make that task more manageable.

Know what you owe

Make a list of all the credit you have, from government loans, student lines of credit or money owed to family members. Rank them, high to low, by interest rate charged, how much is owed, and how long you have to repay.

Speed-up payments

The faster you can repay your loans, the less you will pay in interest charges over time. Use our Online Loan Calculator to crunch the numbers, see the borrowing cost, and try different repayment scenarios over shorter periods of time.

Prioritize higher interest-rate loans

Focus on paying back the loans that charge you the highest interest rates as fast as you can. While you need to make your minimum payments across the board, it can make sense to try to pay off higher-interest loans over a shorter term.

Consolidate multiple loans

If you’re balancing multiple debts, interest rates and payment schedules each month, a TD Debt Consolidation Loan can make managing your debt simpler and more convenient. By consolidating, you can combine all of your existing debt – such as credit cards, lines of credit or loans – into one regular payment. We’ll work with you to help you pay your debt at one interest rate, reduce what you pay, improve your cash flow and get closer to being debt-free sooner.
Try our Debt Consolidation Loan Calculator.

Top-up payments whenever you can

While it might be tempting to splurge with a windfall — getting money as a birthday gift or an unexpected bonus at work — get in the habit of applying at least some of that extra cash to chip away at the principal balance owed on lines of credit or other debt.

Keep living like a student for a while

The frugal ways that got you through school can serve you well in your early career years. Your student-life skills can help you focus on tackling debts as you build work experience. Keep future goals, such as buying a house or car, in context with current realities of paying down debt.

1 Canadian University Survey Consortium Graduating Student Survey 2009

Manage your accounts

Keep track of your money

Bank anywhere online

Call into telephone banking

Tools and resources

Compress your debts

Improve your money skills

Money-saving tips and more