Canada Student Loan Interest Relief

[quantumleap]

I keep getting server error messages when I try to see the income guidelines for interest relief for Canada Student Loans. Grrr! My interest relief period runs out at the end of April, and I'm trying to sort out our budget, yadda, yadda. Does anyone have a copy of the maximum income numbers? I'm looking for a family of 3.
Thanks

[fireweed]

it looks like to student loan relief program has ended- replaced by http://www.canlearn.ca/eng/after/repaymentassistance/rpp.shtml"]this.[/URL]

[sanguine_speed]

I thought they were still running the old program while phasing the new one in. But I definitely wasn't certain about that. FWIW, I prefer the old system. The new one penalizes those with moderate incomes and families, and particularly women:

http://www.gsumun.ca/new/campaigns/c...gent-repayment

Even though the debt "dies" at 15 years, this will still penalize those who earn less (women) or who take time off for child-bearing or child-rearing (women).

The old system had loan forgiveness that was more favourable, and the ability to consider family size and commitments for complete interest relief for up to five years at which time there would be debt forgiveness of $10,000 or half your loan.

[quantumleap]

I can get to this page: http://www.hrsdc.gc.ca/eng/learning/...t_relief.shtml
but when I click on the "maximum income" link, I get a server error. I've tried going at it from different sites, but no luck. If that new system is in place, that's awful! I was particularly peeved when they changed over to a six month grace period post studies but made you responsible for the interest during that period. Hardly a grace period now, is it?!

We paid off my dp's (bigger) student loan almost two years ago, because we were planning for me to go back to school (I have half a midwifery degree). Well, when the time came, I just couldn't bring myself to leave the kiddo for all the insanity of the program, and here we are.

Unexpected unemployment for dp for eight months, two big moves, etc, etc. When he was unemployed and I was gettting EI/mat leave benefits, we qualified for interest relief. DP is working now, I'm no longer getting EI, but I think we might make too much to requalify. All that "too much" is repaying the debt we accumulated over the past few months, but I seriously doubt if canlearn cares about that! bla, bla, bla. I'm sure it's not an unfamiliar story.

I'm still not sure if it was the right call to pay off his loan vs mine. What's done is done, I guess.

Still, if anyone can access the income numbers at some point, I'd be happy to see if we do actually qualify. We'd better hurry up and produce kiddo #2! Maybe an extra family member would put us back into the "relief" zone.
Thanks.

[sanguine_speed]

Selkat, it might be worth consideration, lol.

One thing you can do in a pinch is request interest-only for a period of time (generally 6 months, I think?). It's a crappy financial decision, but if you're in a rough patch it can save your credit if the difference is not paying at all (and if you fall into arrears you become ineligible for any forgiveness/repayment assistance that you might otherwise qualify for).

[triscuitsmom]

Does this help? I found it today in my own Interest Relief search...

http://osap.gov.on.ca/eng/PDF/0506/I...%20%202005.pdf

[quantumleap]

Yes! That's it exactly! Thanks so much.

[yeahwhat]

Inspired by this thread, and the interest relief table that has us over $1000/month below the cut off for our family size, I phoned about the available programs. Interest relief is offered for the first 5 years after finishing school, but it's all part of the new repayment assistance program. I've been out for over 5 years, so I'm applying. The government might pay all of the interest and part or all of my monthly payment if I qualify. Any help would make our constantly getting tighter budget somewhat looser. I'll receive the applications in the next few days and report back on what's involved.

[quantumleap]

The application is super easy. Sometimes you have to send in supporting documents for income, which are easy to sort out. We sent in pay stubs once. DP qualified for, I think, two periods when I was in school last and he was seriously underemployed four years ago. When I applied a few months ago, it was all online, but you do have to click print and mail the sucker in via Canada Post. Oddly. They're with it technologically, but only to a certain point!
Yeahwhat, I hope it all works out for you. It's, on one hand, cruddy to know you aren't getting any sort of headway on paying down the principle, but sometimes it's a wonderful thing to not have to worry about the payment at all for a period of time.

[yeahwhat]

If I qualify, and their online calculator indicates that I should, the gov't will cover both interest and principle! I've already used my max interest relief, but the website claims that I could still qualify for the new program. I've already paid off my provincial loan and paid off over $10,000 of my federal loan. Our budget keeps getting tighter and tighter though--our income's been relatively the same for the past 2-3 years, but city taxes have gone up $1000 per year, electric rates are up 5-10%, etc.