As we wrap up our StudentLoansForCollege.org mini Blog Series on Canada Student Loans, we want to talk about options for repaying your canada Student Loans. Much like in the USA, Canada also offers a range of assistance programs for students who need to pay back their Canada Student Loans.
Repaying Your Canada Student Loans: The repayment period for all Canada student loans begins on the date the borrower graduates or leaves school. Payments are not required until six months after the repayment period begins; however, interest accumulates during this time.
Visit the Repaying Your Government Student Loan section of CanLearn.ca for more information about repayment assistance for borrowers experiencing financial difficulty.
Canada Student Loan Repayment Assistance Plan:
Beginning on August 1, 2009, the new federal Repayment Assistance Plan (RAP) will be available to borrowers who are having difficulty paying back their Canada student loan debt. The Plan makes it easier for student loan borrowers experiencing financial hardship to manage their student loan debt. Canada student loan payments are based on what the borrower can reasonably afford based on their family income and family size. Canada student loan borrowers must apply for the new Repayment Assistance Plan. Enrolment is not automatic.
Canada Student Loan Permanent Disability Benefit
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Beginning on August 1, 2009, the Permanent Disability Benefit is available to borrowers with a severe permanent disability. If you have a severe permanent disability, you may be eligible to have your loans immediately forgiven. Canada Students with a severe permanent disability who received loans between 1995 and 2000 will now be eligible for immediate loan forgiveness regardless of when the severe permanent disability occurred.
Revising the Terms of Your Canada Student Loan
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Under the Revision of Terms measure, borrowers can ask to decrease or increase their Canada student loan payments. This measure is available for borrowers who are experiencing difficulty in repaying their student loan debt or wish to pay off their loan debt more quickly.
Tax Relief Visit this page to find out about the kinds of tax relief the Government of Canada offers to students.
Navigate our short blog series on Canada Student Loans:
1. Canada student loans
2. Canada student grants
3. Canada student loan repayment assistance
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