How does the repayment period affect the total amount of interest paid on Canada student loans?

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jessciacarvin 02 Mar 2024

The repayment period significantly impacts the total amount of interest paid on Canada student loans. A longer repayment period typically results in higher total interest costs

The repayment period significantly impacts the total amount of interest paid on Canada student loans. A longer repayment period typically results in higher total interest costs, as interest accrues over a longer duration. Conversely, opting for a shorter repayment period can help borrowers save money on interest in the long run. Understanding how the repayment period affects the total interest paid is essential for borrowers to make informed decisions about managing their canada student loan interest rate and overall debt repayment strategy.

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