Looking Into A CIBC Student LoanThere are a number of different options when it comes to getting a student loan or line of credit. The government offers traditional loans for students but sometimes their terms or amount offered is not enough. When we were living in Canada we applied for a CIBC student loan for my oldest daughter. We had it set up as a line of credit that could be taken from as needed. The reason for this is that with this type of product, they only require interest only payments while in school and for 12 months after, but why pay on the whole amount up front. This CIBC student loan option allowed us to pay interest only on the amount we needed from the time we took it, not on the entire loan amount. When looking for information on student loans we also looked into grants, scholarships, and financial aid options. Tuition costs for college are rising much faster then the average household salary and that is making CIBC student loan options as well as others more important and necessary then ever before. As an undergraduate my daughter could draw out up to $15,000 per year. Having that guaranteed for us was a wonderful relief. After we looked at what we were able to pay for and the additional loan funds we were able to cover all costs and tuition. It is one thing to get a loan but it is quite another to be responsible for making payments. Over the years people can have situations change and sometimes debt consolidation is needed in order to keep up with all sorts of monthly payments. We were aware that our daughter's CIBC student loan would eventually convert to a personal loan for her 12 months after graduation. Having that debt to pay back could effect her credit and keep her from qualifying for a home mortgage or car loan for example. Her first job would need to be enough to pay that loan payment as well as her living expenses. Nobody wants to have wage garnishment so early in life and that money is owed and will need to be paid back. For now the flexibility of this type of loan program works well for us and it is allowing our daughter to complete her education in her chosen field of study. Without it we would be lost for certain.
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