Describe your Debt Load! - Student Loan with a couple of kids

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Student Loan with a couple of kids

Printed From: CanadaStudentDebt.ca
Category: Other Topics
Forum Name: Describe your Debt Load!
Forum Description: Post stories of your debt and how it affects you and your family
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=2483
Printed Date: 27/March/2026 at 2:17am
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Topic: Student Loan with a couple of kids

Posted By: Txiasaeia
Subject: Student Loan with a couple of kids
Date Posted: 04/April/2005 at 11:00am

Greetings! Glad I found this site! I'm a married father of soon-to-be two children (one due in November) and by the time I'm finished with school will have amassed about $35,000 in debt. I've got my BA, have another year for my MA and am planning on taking an eight month certificate course after that. My wife and I have been somewhat smart, as we've saved about $6000 up to now just from student loans and have been investing it, but that's not going to be nearly enough once I've graduated. I've had some problems with the student loan monkeys but nothing too drastic - worst was when they started me on repayment for my BC student loan after I had already applied for another loan *and* while I was still in school.

Now, all I have at this point is loans through BCSLSB and the National Student loan program (had one through Royal Bank but paid it off). I've received conflicting information in regards to interest-free status: is there going to come a point where I will need to start repaying either of these loans in the next two years? Right now I've been in school for six years (2 college, 3 BA, 1 MA). A BC student loan rep said that I wouldn't have to repay until I'm done with school, but I dunno how much I trust them after reading some of the horror stories on this site.

I want to be smart about this, so that's why I'm posting here: with my current situation, what should I do once I've graduated? I'll apply for interest relief, of course, but is it likely that I'll get it, or will I have to start repayment immediately? Any advice or thoughts on my situation? Thanks!

Replies:

Posted By: Txiasaeia
Date Posted: 05/April/2005 at 7:37pm

Anybody?

Posted By: hunter
Date Posted: 06/April/2005 at 6:27am

My thoughts are that you won't have to pay until 6 months after you graduate and then you can apply for interest relief.
I quit my studies in Dec. 1998 and was sent a letter from the bank in February 1999, and they wanted a payment schedule then.

Johnny would be the one that could answer all your questions.

Posted By: momof2
Date Posted: 06/April/2005 at 9:14am

interest relief is dependant on total household income and also on family size. income cutoffs are usually floating around the web to determine repayment etc.

keep careful track of your paperwork and make sure everything is in order and up to date. ask lots of questions at your financial aid office and wait and see what happens.

-------------
professionals built the titanic but amateurs built the ark...

Posted By: Jeni
Date Posted: 21/April/2005 at 11:57am

Hi there,

Both my Fiance and I have student loans, both BC and and Canada. Mine are worth about 35,000 and his are worth 60,000.... The one thing I can strongly reccommend is Loan Remissions, if you qualify. You have up to one year after you are finished to apply for BC Loan Remissions and they can forgive a set dollar amount of your BC Student Loan. (It does not apply to Canada student loans). We were lucky they forgave approximately 16,000 of his loan.... As well, yes phone your loan office after the 6 months interest free period is over and you may qualify for another interest free term- depending on your family's income level. You can use up to 30 months of interest free time throughout the lifespan of you student loan. Other than that, remember to use the interest right-offs on your income tax returns once you start replaying the loan and save up to pay them off quickly!

Hope that gives some insight. Otherwise, the BCSL webpage does have some good information on there.

CHeers, Jeni