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Having a hard time making your student loan payments? There may be some debt relief for student loans in Canada from the government.
The threat of government student loan repayments while you’re transitioning from school to work can be excruciating. Many borrower’s may feel like there’s little to no relief. However, in lieu of what you might think, there’s student loan debt relief options for Canadians. Borrowers just need to know the facts and how to interpret their unique situation to find a feasible repayment plan or possibly having their entire debt forgiven.
Repayment Assistance Plan (RAP)
Stressed that you can’t make your student loan payments? Have you already missed a loan payment? Depending on your income, you may not be required to make payments that exceed your income by 20 percent, or be required to make any payment at all. The good news is, you can apply for RAP anytime during your repayment schedule. As long as you remain eligible under the RAP terms and conditions, the balance of your loan is moderately paid off and repayment terms will not exceed 15 years (10 years for person with permanent disabilities) after leaving school.
Repayment Assistance Plan For Borrowers With A Permanent Disability (RAP-PD)
Disabled borrowers have the benefit of exclusive repayment options that may include cancelling your monthly payments. If you have a permanent disability, through the RAP-PD program, disabled borrowers can reduce their monthly payments. If you’re unable to work or go to school for the rest of your life, you may be able to have your student loans cancelled under the Severe Permanent Disability Benefit Program. Find out how much you may qualify for under the two programs by using the Repayment Assistance Calculator.
Canadian Student Loan Rehabilitation
If you’re loans are currently in collections in Canada, Canada Student Loan Rehabilitation may be able to help you by getting repayment assistance or reducing your monthly payments. Students that have missed their student loan payments by 270 days (i.e. 9 months), your loan becomes in default. In essence, your loan is sent to the Canadian Revenue Agency (CRA) for collections. Tip: If there is a judgment on your account, you will not be eligible for the Canadian Student Loan Rehabilitation program. To qualify students must:
- arrange a repayment schedule with the Canada Revenue Agency
- repay “all” interest applicable to your Canadian Student Loan
- make a lump-sum payment (combining 2 monthly payments and the interest)
Canadian Student Loan Forgiveness For Family Doctors And Nurses
If you’re an eligible family doctor, nurse, residents in family medicine, or nurse practitioners, that work in underserved or rural communities, the government of Canada offers Canada Student Loan forgiveness. The Canadian government understands the lack of primary care in these areas and how this can help Canadians get the health care they need. Under the program, can only be applied to outstanding Canada student loan balances.
Revision of Terms
Under the Revision of Terms policy, you can ask to have your student loans decreased if you’re having difficulty paying back your student loan debt or increased if you wish to pay your loans off earlier. More importantly, bankruptcy will not wipe out your student loan debt for the first 7 years. You will still be required to continue paying your loan.
If you have questions about your Canadian student loan, repayment options, or loan forgiveness. You’re invited to contact the National Student Loans Service Centre for more details.