Visit a CIBC local branch, or call a CIBC advisor at 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.
Refinance your loan with CIBC If a loan refinance seems like a viable option for gaining control over your finances, contact CIBC to receive more information.Getting help from us is as easy as giving us a call or chatting with us online.We know that it can be hard to ask for help with your debts, so we do everything we can to answer your call quickly, provide you with the information you are looking for and book you a free credit counselling appointment if that’s what you need.You have a grace period following graduation before you have to start repaying your government loans whether they are consolidated or not. In that timeframe, you’ll receive paperwork regarding your loans so you know how much you owe, how much interest you’re paying and where to send payments.Take note that interest starts accumulating upon graduation. In a manner of speaking, you can consolidate private student loans held with a bank.I’ve helped thousands of Canadian families understand how to deal with large amounts of unsecured debt.In this article, I’m going to explain in very simple terms the basics of debt consolidation.If all your available income is being used to keep the loan payments current, then there is no ability to put aside funds for emergencies and savings.This means that if something should come up unexpectedly there is still a reliance on credit to cover the expense.You’ll not only have more options and solutions available to you, it will ease your stress and you may even sleep better (we find this is true with more than 60% of the people that we help).A debt consolidation loan is when someone borrows money and then uses that money to pay off other debts.It’s a long article—but if you stick with me, you’ll know more about this highly effective method for reducing debt than 99% of Canadians.Debt, as you know, is a struggle against interest payments. And once your debt rises above ,000, it becomes very hard to pay down the interest.According to Statistics Canada, the ratio of household credit market debt to adjusted disposable income crept up to 166.9 percent in the third quarter, up from 166.4 percent in the second quarter.