In May I finally gradumacated after 6 years of post secondary. My loan repayments will start in November. In total, I'll be paying $60,000 - with interest make that $90,000. Here is the kicker - I make $11.50/hr. The fact is this: There is no way on this earth that I can even attempt to make the payments (they'll be around $800/month - I make $1200/month). What I wanna know is - how do I get interest relief (I have Nova Scotia and Canada loans)? I also want to know exactly what will happen if I just don't pay.

I don't agree with just not paying, though a lot of people do - as if it is their right to take this money and run with it. In a perfect world, the government would let us go to school for free, understanding the benefit it would have to society. Unfortunately that's not the world we live in and now I'm screwed. I don't sleep at night, I'm sick to my stomach with worry. My biggest goal: motherhood. I cannot accomplish this goal and pay off my loans. I can accept having horrible credit - EXCEPT that I need to be able to get a mortgage and to get a small business loan in the future to open up a Bed and Breakfast.

I guess what I want to know is if I just didn't pay them back, what would happen?

Jamie

Welcome Jamie,

We have a lot in common as far as debt load and income level.  I've been on Interest Relief for almost 5 years (the max)......it was no problem for me and the people who took my calls were very nice and helpful.  Just a matter of filling out several forms every 6 mths. with proof of income. Then you can relax.  But get those forms in!!!  I don't have the phone numbers with me right now but they should be easy to find on the net.  Probably NSLSC and they will give you the other number you need.  Have you consolidated the loan?  Meaning have you signed the document they send out - the bill with the total amount owing and the payments to be made?  That has to be done first. 

I've been in the Bankruptcy and Proposal Issues forum, just getting out for some air.

Good luck to you. 

Thanks for that info old hippy...it's nice to know I'm not the only one. It's funny that the money that I used to better myself and society is now going to cause exact opposite thing to happen.

Jamie