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Financial Relief Help Repaying Your Loans
Repayment Assistance Plan
having trouble making your required monthly payments, you could be eligible to
lower your payments so they’re more affordable.
How it works
payment is calculated based on your:
same time you’re paying your loan, the provincial and federal governments are
also making payments until your total debt is paid off. Your
payments grow gradually as your income grows – but never more than 20% of your
family income. Very low income-earners make no payments until income grows to a certain level.
Loan repayment period:
Loans in good standing will be paid off over a maximum of 15 years through a
combination of your payments and the provincial/federal government payments. Loans to borrowers with
a permanent disability will
be paid off over a maximum of 10 years because the government payments help pay
down your principal right away.
How to Apply
will give you access to both Federal government and Ontario government relief
programs. You need
to re-apply for the plan every 6 months.
Learn more: Repayment Assistance Plan (RAP): https://osap.gov.on.ca/OSAPPortal/en/A-ZListofAid/PRDR013103.html
Revise your repayment terms You can
ask the National Student Loans Service Centre to revise the repayment terms of
your loan (the length of time it will take to pay back the loan) by extending
your repayment period from 9.5 years to 14.5 years. This will lower your
Customize your repayment terms: https://osap.gov.on.ca/OSAPPortal/en/A-ZListofAid/PRDR013103.html
Students with a severe permanent disability If you
have a severe permanent disability and can’t work or go to school, and you’re
having trouble repaying a student loan, you could be eligible to have your
How to apply
to request an application through the National Student Loans Service Centre.
With 1 application you can apply for loan forgiveness from both the federal and
Severe Permanent Disability Benefit: https://osap.gov.on.ca/OSAPPortal/en/A-ZListofAid/PRDR013105.html
If you do not repay your loans
don't make your loan payments, you will be in default.
debt will only be erased when you have paid it off in full.
I’ve declared bankruptcy. What happens to my OSAP
debt? Visit: https://www.ontario.ca/faq/ive-declared-bankruptcy-what-happens-my-osap-debt
Clear a Default
need to contact the appropriate organization to clear a default.
Who to contact
Integrated Student Loans
Loans Service Centre
In North America:
collection agency listed on your notice
To find out who
holds your account, call 1-888-819-2516 or 1-819-994-1218 (TDD/TY)
To find out who
holds your account, call 1-800-387-5604
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