Canada Student Loans

[Jan and Steve 0]

Hi Canadians,

I have some Canadian student loans to pay back and I can't afford it at this time. Since I live in the US now, I'm not eligible for the Interest Relief Program. Does anyone have experience with this? I'm going back to school once I get my greencard, going to transfer to school in the US, but that may be a few months, and in the mean time the Canadian government is breathing down my neck about paying back my loans. Ahhh!

Any advice is really appreciated!

Thanks

Janny

[Sprailenes 47]

You have to be living in Canada in order to receive the loan interest. Thats what I was told when I moved down here.

[Jan and Steve 0]

So if I just can't come up with my monthly payments, does that mean I am screwed? There's got to be something. I'm hoping to get some information tomorrow when I call them. grrr.

I wish I would win the lottery.

Thanks for your reply.

Janny

[Sprailenes 47]

http://www.hrsdc.gc.ca/en/learning/canada_...st_relief.shtml

Am I eligible for Interest Relief?

To be eligible for Interest Relief, all of the following conditions must be met:

Your monthly gross family income (before deductions) must fall within the maximum income guidelines.

You must reside in Canada. Note: For the purposes of Interest Relief, if you are participating in an international internship program or if you are a member of the Canadian Armed Forces who is stationed abroad, you are considered to be residing in Canada.

Your loan must not be in default (that is, not in collection with the Canada Revenue Agency or another collection agency). Note: If you filed for bankruptcy on or after May 11, 2004, you may still qualify for Interest Relief even if your loan is in default.

You must have signed a Consolidation Agreement for your Canada Student Loans. If you have not signed a Consolidation Agreement, contact the National Student Loans Service Centre and/or your financial institution, to request one.

You must meet all eligibility criteria in the month your application is dated.

[cherylc522 0]

i called the national student loan when i was moving and they said im not able to get full relief but what you can do is get relief where you only have to pay the interest every month, so my payments are only like 44 a month, and thats just the interest, doesn't help that much but better then making full payments

[Galateia 1]

i called the national student loan when i was moving and they said im not able to get full relief but what you can do is get relief where you only have to pay the interest every month, so my payments are only like 44 a month, and thats just the interest, doesn't help that much but better then making full payments

Yes, you can ask for the monthly payment to be lowered to the minimum possible, which would be interest only.

I was able to apply for interest relief back in Canada while I was still a resident, so it was already activated before I moved down here.

[jhunjhun 7]

Hello. my situation is the same as yours, I had a student loan back in Canada that I need to pay starting this coming Dec 31, 2008. I had no job here in US 'coz I don't have an EAD yet. I just mailed my consolidated student loan and repayment form yesterday and I'm planning to pay the monthly payment that has been calculated/estimated by the student loan provider. I called them last week to make sure ithat f I can do some changes in the future when I get a job here in US. It's not really a problem to pay the minimum amount and just adjust your payment in the future when you get a job.