Income Tables
Printed From: CanadaStudentDebt.ca
Category: Government Program Problems
Forum Name: Repayment Assisstance Plan (RAP) Issues
Forum Description: Rules, regulations and problems (Formerly Interest Relief and Debt Reduction)
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=3070
Printed Date: 27/March/2026 at 2:02am
Software Version: Web Wiz Forums 12.07 - https://www.webwizforums.com
Topic: Income Tables
Posted By: Spinney
Subject: Income Tables
Date Posted: 22/October/2005 at 8:01pm
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Hi, I graduated in 2004 with around $55000 of debt and I think I'm
finally about to land my first IT job. The salary should be pretty
good, but the payments are going to be at least $720. I've been poking around on the internet for info about interest relief and debt reduction and I keep seeing references to income threshold tables etc, but I can't find the actual tables. The pages I've read seem to indicate that if your payments exceed the amount specified on the table you're eligible for interest relief, and once that is exhausted for debt reduction. I did apply for and receive interest relief once already and the tables were on the back of the paperwork, but having just moved to Vancouver from Halifax that stuff is a little out of reach. Anyone know where I can find them online? I found them once quite a while ago somewhere, possibly on the U of Calgary site. |
Replies:
Posted By: old hippy
Date Posted: 23/October/2005 at 3:07am
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Hi Spinney, I find that it helps to look through old posts for info. In the thread right below you is the CSL table for Debt Reduction which took me a long time to find. I'm still looking for the Interest Relief one...but I'm close. I don't know why they have to be so secretive about it...... http://gazetteducanada.gc.ca/partII/2004/20040602/html/sor120-e.html - http://gazetteducanada.gc.ca/partII/2004/20040602/html/sor12 0-e.html It's there, but you'll have to look. Old Hippy
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Posted By: administrator
Date Posted: 23/October/2005 at 3:22am
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What province are your loans from? Ontario Info http://osap.gov.on.ca/eng/not_secure/ir.htm - http://osap.gov.on.ca/eng/not_secure/ir.htm Alberta Info http://text.alis.gov.ab.ca/pdf/studentsfinance/Alberta_student_loan_interest_relief_program.pdf - http://text.alis.gov.ab.ca/pdf/studentsfinance/Alberta_stude nt_loan_interest_relief_program.pdf BC Info http://www.aved.gov.bc.ca/studentservices/student/finish/debt_red/Application%20for%20Interest%20Relief.pdf - http://www.aved.gov.bc.ca/studentservices/student/finish/deb t_red/Application%20for%20Interest%20Relief.pdf Saskatchewan http://www.canlearn.ca/nslsc/repay/Sk/nlObtRepAss.cfm?LANGNSLSC=en&IT=PUBLIC&row=2 - http://www.canlearn.ca/nslsc/repay/Sk/nlObtRepAss.cfm?LANGNS LSC=en&IT=PUBLIC&row=2 Manitoba http://www.google.ca/url?sa=U&start=2&q=http://www.gov.mb.ca/educate/sfa/pdf/applybrochure_2004_Eng.pdf&e=1102&mr=932,,3B323,!b_U:ablfd - http://www.google.ca/url?sa=U&start=2&q=http://www.gov.mb.ca /educate/sfa/pdf/applybrochure_2004_Eng.pdf&e=1102&mr=932,,3 B323,!b_U:ablfd NewBrunswick - this is all I could find... http://www.studentaid.gnb.ca/debt-e.asp - http://www.studentaid.gnb.ca/debt-e.asp NS http://studentloans.ednet.ns.ca/faq4.shtml#25 - http://studentloans.ednet.ns.ca/faq4.shtml#25 NFLD http://www.edu.gov.nf.ca/studentaid/help.htm - http://www.edu.gov.nf.ca/studentaid/help.htm |
Posted By: administrator
Date Posted: 23/October/2005 at 3:23am
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Regarding the actual tables, make sure you are using the most up to date one!
Mark |
Posted By: Spinney
Date Posted: 23/October/2005 at 6:26am
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Thanks, nearly all my loans are from NB. I have one small one from NS,
when I found myself unemployable back east with 2 degrees heh. Man that
college program was a waste of time, good thing I quit as quickly as I
did. So looking at the debt reduction table if I'm making less than $42,000 then I qualify. So if I qualify for debt reduction I *should* logically also qualify for interest relief (I'm likely to be offered $38,000). God only knows if that's really the case though. I hope I can find out what the IR threshold is for me though, because if it's only a few thousand dollars less I can ask for a slightly lower salary until I have enough money saved up to rent / furnish an apartment and make a large payment on the loans. It's too bad that the tables don't take into account cost of living. I spent over a year and a half in NS looking for work in my field, and actually couldn't even get a job washing dishes because I'm overqualified. Moved to Vancouver 9 weeks ago and now I'm getting interviews like crazy, but my rent / utils are going to likely be at least $1000 a month. If I were still living in Fredericton and making $30,000 a year I could probably afford $600 a month heh. |
Posted By: old hippy
Date Posted: 23/October/2005 at 7:50am
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Looks like the Canada Interest Relief table is even less generous than the debt reduction - IF this is the one they are using...... it's from April 2002..... http://canadagazette.gc.ca/partI/2002/20020413/pdf/g1-13615.pdf - http://canadagazette.gc.ca/partI/2002/20020413/pdf/g1-13615. pdf Page 990 (17 of 94) And don't forget that they will spread your payments out over 15 years.
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Posted By: Spinney
Date Posted: 23/October/2005 at 8:14am
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Isn't that just ass-backwards? Shouldn't interest relief be easier to
get than debt reduction, considering that 30 months of IR is a
requirement for DR? Even stretching the payments out to 15 years it'll be around $600 a month, and with a $38,000 salary in Vancouver I'll end up with less than $300 a month after paying for rent, utils, food, phone and bus pass. Meaning I'll never be able to afford a car lol, not even just insurance. How the heck am I supposed to save money for retirement or even emergency expenses like dental work? Hell you're supposed to save enough money to live on for 6 months just in case your job vanishes on you. |
Posted By: Spinney
Date Posted: 23/October/2005 at 8:45am
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I think this might be the most current one here... http://canadagazette.gc.ca/partII/2005/20050601/html/sor15 2-e.html Search for "SPECIAL INTEREST-FREE PERIOD INCOME TABLE" I don't really understand the 2 different payment size catagories though. I do have loans though with the NSLSC, of course, National Bank and a small NS loan with RBC (I think). It would seem to indicate I can either make $2900 a month, or around $2500...depending on which of the two columns I fall under. |
Posted By: old hippy
Date Posted: 23/October/2005 at 9:00am
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I'm not too impressed with this table either...And as there is extended interest relief - you must have exhausted 5 yrs. of IR to be eligible for debt reduction. All I can say is you've come to the right place. Read some of the posts - it could be worse.
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Posted By: old hippy
Date Posted: 23/October/2005 at 9:21am
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Oh, thank you Spinney. Seems that we had posted at the same time. This table looks a bit better. That second column is for an "Integrated Loan" whatever that is.....I think if you had one you'd probably know it. Good luck to you then....and I really have to get off this computer now.....
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Posted By: Spinney
Date Posted: 23/October/2005 at 9:22am
Heh yeah, I've read a bunch of them. I'm desperately trying to figure
out how to avoid all of that hassle. Knowing my luck though I won't
succeed 
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Posted By: studentloanhell
Date Posted: 23/February/2006 at 8:38am
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guys please help me in figuring this out... do i qualify for DR for federal loan if my income specifics are : $3500 Gross monthly income 5 dependants including myslef.. i have already used max interest relief , i and my wife have been out of school since 1997... oh yes one more question.. part of my wife's ontario student loan is gone to a collection agency... does she still qualify to apply for federal and provincial DR ? thanx |
Posted By: Spinney
Date Posted: 23/February/2006 at 2:15pm
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Well I'm fairly sure that you qualify for DR. I just received my interest relief package and your gross income falls below the level for $0 - $25 / month for IR. From my research in the fall it seemed that it was harder to qualify for IR than DR, strangely enough. And speaking of which I'm about to get raped by the system, as my gross income is just a little over $3400 and I have no dependents. So according to the table I can pay more than $975 / month, which is over %36 of my take-home pay. I live in Vancouver and pay almost that much for an apartment with a 1 hour commute to work. It's starting to look like what I'll have to do in order to avoid becoming homeless is quit my job, move back to Halifax and back into the parent's basement. |
Posted By: piegirl
Date Posted: 30/May/2006 at 11:00am
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First things first - I AM SOOO HAPPY that site exists! I just found it today and I have been paying a large CSL since 2000! I knew that a site like this must exist - Glad to have found it. My question today is this: My husband and I both have loans and have both been on IR in the past. We are barely getting through each month with our low income. I was unemployed after moving to a small town and the best option at the time was to go on this HRDC program to start my own business. That ran out and now I am only working part time so I can concentrate on my business (still not going fully yet). So getting to my question... (sorry).... If we can do it - is the best option to keep applying and hopefully get on IR and max that out and then apply for DR? I thought that it was best to just keep trucking on our loans (barely being able to pay that and other living expenses such as food) but its such a reality check when in 2005 only 10% of my payments went on the principal and the rest was on interest. Its so hard to validate paying it every month when we suffer - not being able to go to the dentist, fix the vehicle etc... because of these annoying student loans. I agree with all the frustration with student loans. I have learned one thing - never give up. A success story from years ago is as follows: When the NSLSC called me to negotiate my loan after just starting my first job ($10/hr) and was expected to pay $600/month! I asked them if all my loans that were suppose to be forgiven, forgiven. They said yes and so I thougth nothing of it and managed to pay the monthly payments. After 8 months or so I called to get a statement. When I got it and almost died after noticing that some months nothing of the 600 bucks went onto my loan I started calling numbers and asking if there was anything I can do to lower it. I would ask their name and write it down. If they said nothing I would hang up and call again until finally someone told me about the provincial loan forgiveness program. I called them and because of a past income assessment from CRA 4 years of my ontario student loan was not forgiven that most of my loan could be forgiven. It did take a very long time (a whole year) before I saw it gone but it did show me that not everyone who works at these offices know everything and that you must be persistant. Thank you again for everyone who posts their stories. It helps alot to know that you are not alone in this crazy world of student loans! piegirl ------------- piegirl |
Posted By: piegirl
Date Posted: 30/May/2006 at 11:06am
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I am not sure if this is the right one but here is the link for the IR income tables: http://canadagazette.gc.ca/partII/2005/20050601/html/sor152-e.html - http://canadagazette.gc.ca/partII/2005/20050601/html/sor152- e.html ------------- piegirl |