I last applied for a student loan in 1998 for a 2 year course.  I finished school in april of 2000 and started paying back the loan in November of 2000.

I am currently going back to school, but am paying for the tuition myself.

I was wondering if i would qualify for debt reduction in 2005?

One of the stipulations state that

• five years has passed since you last attended a post-secondary institution;

Does this apply even thought im paying for the schooling myself and am not using a student loan?

im guessing the bank will try and screw you here, famous, and make you wait five years form when you finish your current course.  try asking your lender, though, or whoever holds your original loan.

let us know how it goes.

anyone else have a definitive answer for this one ?

What is this debt reduction????  Does it apply if your loans have gone to collections?

Where was I when all this came around? 

you cant apply for debt reduction if you are in collections

makes no sense i know, but yet another example of how the government screws over the people who need help the most

Oh , oh well...not quick enough to be in the know..timing is everything!!!

Here's a question sports fans....If you're OSL is sent back to the government by the CA and you are paying the government monthly, are you then eligible for debt reduction?

Eligibility 

Hi,

RE: Ontario Debt Reduction in Repayment

Eligibility: "You have exhausted all interest relief assistance available from the Government of Ontario."

Does anyone here know if this means 30 months of interest relief or 54 months?  Thanks.

The reason I ask is because I've exhausted 54 months of CSL interest relief so it's not a problem since CSL requires 30 months exhaustion.  This statement seems to suggest 54 because it mentions "all interest relief available from Government of Ontario."

I've only used 53 months of OSL interest relief. Strange because my applications were always in sync with my CSL interest relief.  Then one day the government changed my approval period and I'm one month off.  I just let it go and applied for 6 months each after that.  It threw off my CSL and OSL applications.  After this change, I had to call twice for applications and also pre-screened twice. One month for CSL and the next month for OSL.  It sure was a pain in the neck!

If it's 54 months and I'm short 1 month could I appeal you think? If so how do I do it? 

BTW, I think it means 30 months.  I hope it doesn't mean 54 months.  If someone knows please reply as this is giving me a headache.

celyn

celyn

i had to go the full 54 months before they would even let me apply for DRR.  i did ask at 30 months and was told that it wasnt available to me.   from above... 

You are no longer a full-time student for at least 60 months before applying for this program.

you could appeal it, though.  you never know.

kep us posted, though.

momof2,

I've been out of school for at least 5 years.  The question is whether you need to use up all 30 months or is it 54 months of interest relief.

They have 2 interest relief as you know.  The regular 30 months of interest relief and the extended interest relief of 24 months.

I'll call CIBC National Student Centre but last I spoke with them they haven't got the guidelines regarding Ontario debt reduction.

It's very frustrating with all these govt. rules.

celyn

celyn

you can print the app from the OSAP website, but it does say to speak to your original lender if you have any q's.  hope you can get a break on this one.

Thanks for the replies.  I'll call and see what they can do regarding my 53 months of interest relief.

celyn

admininistrator,

You made a typo - it's 54 months not 54 weeks.

Anyway, the reason I'm confused is about the interest relief is because CSL also offers 54 months, same as OSL.  However, the letter regarding debt reduction I was sent by my financial institution stated at least 30 months of CSL interest relief must be used in order to apply for interest relief.

Hence I assume the OSL would be the same.  Although a total of 54 is available, only a minimum of 30 months is required. 

Also, I believe they have changed the rules to allow people to use 30 months of interest relief beyond the 5 year after leaving school.  Perhaps they meant people have to use all 30 months to qualify.

Their usage of "all interest relief" might mean the first 30 months.  They do have a different term for the other 24 months which is "extended interest relief."

Again, thanks to all who replied.  I'll call and find out and try to sort out this mess with my 53 months of interest relief.

celyn

I forgot to include these:

- from the OSAP and other websites all mentioned interest relief's maximum period is 30 months.  Only if you are still unable to pay then you apply for extended interest relief (within 5 years of leaving school.)  So I'm thinking they mean it's 30 months?

- I've googled and found out some websites mentioning the CSL and OSL are interest relief and repayment are being integrated and basically the guidelines will be similar, with a few exceptions.

I'll be back to update you all whether it's 30 months or not. 

P.S. The rule about resetting the clock if you go back to school sucks.  I don't see why the clock should be reset since you are not getting more student loans to go back to school. Makes

I spoke with the person in charge of debt reduction at my financial institute and was told it looks I would qualify if I have used up 53 months, and to print application from website and send it in.

It seems they still don't have the guidelines for Ontario Debt Reduction from the government.

celyn

I wrote the student loans people and this was they're response.

Good morning.

To qualify for Debt Reduction you must be in receipt of student loan
funding from at least August 2002 onward.  Based on the information
provided in your e-mail you do not meet the criteria.

Please contact our office should you have any further questions.

(refer back to the first message in this thread)

nago, thats only one of the req's...

Eligibility Criteria

Effective August 1, 2002, former students will no longer be required to apply for and receive interest relief for their Canada student loans prior to applying for interest relief on their BC student loans.

To receive BC interest relief:

• You must have a family income, before taxes and other deductions, that does not exceed the maximum amount specified for your family.
• You must be repaying your BCSL.
• You must not be in full-time studies.
• You must not be in a six-month post-study period.
• Your BCSL must be in good standing (all portfolios) or you must be able to bring your loan(s) into good standing.**
• You have not received the lifetime maximum of 30 months of interest relief or 54 months of extended interest relief.
• You live in Canada or you are participating in an international internship program.

**Note: If you declare bankruptcy after May 11, 2004, you can still apply for and receive BC interest relief provided you meet all other eligibility criteria.

visit http://www.aved.gov.bc.ca/studentservices/student/finish/debt_red/bc_int.htm - www.aved.gov.bc.ca/studentservices/student/finish/debt_red/b c_int.htm for the rest of the information and links for both bc and federal interest relief and debt reducitoin information.

world

that doesnt sound quite right.  is that all they said ??  was this from the NSLSC or direct from yor original lender ??

my loans CSL and OSL were from 96-99 and they let me apply. 

more info please !!!

Thats all they said. It came from the NSLSC. 

I am from Newfoundland. Not sure if that will make any difference.

Client Services & Counselling
Student Financial Services Division
Department of Education
P.O. Box 8700
St. John's, NF  A1B 4J6
Ph: (709)729-5849
Toll-free: 1-888-657-0800
Fax: (709)729-2298

 World,

Write to me privately. I will give you the number of an associate of mine who may be able to help at the NFLND gov.

 Johnny

-------------------origninal post---------------------------

I last applied for a student loan in 1998 for a 2 year course.  I finished school in april of 2000 and started paying back the loan in November of 2000.

I am currently going back to school, but am paying for the tuition myself.

I was wondering if i would qualify for debt reduction in 2005?

One of the stipulations state that

• five years has passed since you last attended a post-secondary institution;

Does this apply even thought im paying for the schooling myself and am not using a student loan?

-------------------origninal post---------------------------

I was just reading some of the posts, and then it hit me.  I was receiving interest relief for the first few months i was attending school, until i discovered the schedule2 form.

So if the government would give me IR while attending school, I should quality for debt reduction when my IR runs out.  Can anybody verify this?

not necessarily...

i received the max for IR but was denied debt reduction ( which is in the process of being appealed).  depends on your income...

Johnnycrunch....you have done very well to knock off $6000 of your debt...that is great...do not give up....there is and end to all of this!!  You may not see the end right now...in time my friend you will

That is awesome that you are in remission!  Take care of yourself first and foremost....always...our health should be priority!!

Nice to have you around....keep coming back!!

You could always email her....she would not mind...in fact she would probably ask you to herself if she knew you had questions for her.  Check her profile...her email addy should be in there....

And....definitely you are not alone.....we are in the struggle together....and yes it is a maze of bureacracy!

johnnycrunch

i'm not sure if there is any time limit for appealing your DRR decision.  mine was denied last year.  i phoned CSLP directly once when i was originally denied and was told no, there was no recourse.  i called again maybe 6 months later and was told sure i could appeal, send the info in and they'd take a look at it.  sorry i don't really have more info.  you can include receipts for expenses ( like medical, funeral, home repairs, etc ) to show how seriously strapped for cash you are ( too bad they don't consier it for your original app, all they want then is proof of family income).

if you have more questions i can try and answer them, i'm usually on here a few times a day...i still haven't hear anything from my appeal, so i have no idea if these things get overturned or what.  my problem is i'm stubborn so i'll keep trying - i have nothing better to do being unemployed and unable to work...