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kasha
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Joined: 03/June/2004
Points: 15
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Topic: Question about Extended Interest Relief Posted: 07/September/2004 at 10:17am |
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Hi,
I've been applying for Interest Relief since I graduated and I've been
approved each time (I don't make enough to cover my payments). I'll
soon be on IR for the 30 months I'm allowed. Has anyone applied for
this "Extended Interest Relief" that allows up to 54 months? Any
insight as to why it's different from the regular one? I just want to
be as clear as I can about it going in because they've already screwed
up my files on a regular basis. Thanks so much!
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administrator
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Joined: 25/January/2003
Points: 1798
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Posted: 07/September/2004 at 4:39pm |
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I believe the program is just about the same as the first 30 months. For information go to www.canlearn.ca
Click on NSLSC, then repaying your loan,
Fill in the details on the form (province, FT or PT
Then click on "Obtaining Repayment Assistance"
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danny
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Joined: 12/January/2004
Location: United Kingdom
Points: 176
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Posted: 21/November/2004 at 9:52pm |
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my 54 months runs out in dec
after 30
you just apply for bridging
seems the same
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Johnny save me!!!!!!!!!!!!!
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momof2
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Joined: 15/August/2004
Location: Canada
Points: 792
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Posted: 22/November/2004 at 3:17am |
its the same, but depending on your bank they just lose your forms more frequently. and all it does is delay the inevitable, in my case at least  .
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professionals built the titanic but amateurs built the ark...
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kasha
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Joined: 03/June/2004
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Posted: 23/November/2004 at 11:50am |
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Thanks for your input. I gathered that I'll be filling out the same
forms because they approved me for another 6 months. I've been
scrounging and saving for when I'm just about to exhaust all my
interest relief I'm going to pay a chunk off/or hopefully all of my
direct loan and give them no interest. The bank hasn't been nearly as
incompetent in losing my forms.
I recently discovered that there are some secure investments that
I can lock whatever I've saved for the next couple of years with higher
interest than what the student loans charge. I'll look more into that
(to make sure it's not a scam) and post whatever info I can.
You're right momof2. It is in a way postponing the inevitable but I'd like to give them as little interest as possible.
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Fubar
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Joined: 23/November/2004
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Posted: 23/November/2004 at 3:59pm |
You can apply for interest relief for up to 5 years from the date you ended your studies. So if you were a full time student until may 2000 you can be on regular interest relief for 30 months and then apply for extended or "bridging" interest relief up to may2005.
The difference between the two is your loan payments. Your qualification for interest relief is based on a chart comparing your family size, gross income and loan payment. If your loan payments are not already set to their maximum term (174 months) they will be changed to that amount and then your elligibility will be based on that. Other then that the qulaifying guidelines and application process is the same.
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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
Points: 5996
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Posted: 23/November/2004 at 8:17pm |
Fubar,
You must work at NSLC .. or have worked there. YOu are well versed in how they speak based on how I read your text.
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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. solvestudentdebt.com
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Fubar
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Joined: 23/November/2004
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Posted: 25/November/2004 at 2:42pm |
I got caught in the 99-00 switch over and had a loan go to hrdc (funnily enough wihtout any contact from collections) and only stumbled upon the NSLSC by accident (even though I had friends working there, go figure). I got a recall.
Work or have worked there? Friend of a friend of a friend. Removed enough to post here. Close enough to understand/get answers.
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momof2
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Location: Canada
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Posted: 25/November/2004 at 5:01pm |
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close enough to get some info and post some contact names of people with authority ??
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professionals built the titanic but amateurs built the ark...
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