Wow. It took me several tries, but I got smarter each time, and I actually got debt reduction. Hard to believe. They knocked off about $8,000 (I still don't know the actual amount, because they haven't bothered to send me a letter, it just showed up on my bank account), and, due to a surprise windfall, I paid off the remaining $1,000 this morning and am now Student Loan Free for the first time in 12 years!

So, keep slogging, people. The system does work.

All the best,

R

That's 3 of us!

Just got the approval letter from NSLC Public Institution Division dated May 18/06 - $10,000 (much less than half - close to 1/5th) to be applied to the Canada loans.  This covers the small loan they have and the humungous portion (pre-2000?) that's with CIBC NSLC.  I applied May 1/06 so I was approved before my first payment was due - much faster than I thought it would be.  No word yet re: the Ontario loan reduction - that could be a whole different story.

Not exactly a 'success' as I still can't make the payments - not even with a revision of terms but I'll try to talk them down.  It helped to go over the DR app with them before I mailed it...helped a lot because I almost mailed the wrong one. 

...yeah Hunter that doesn't make sense - if you have a low income then why wouldn't they accept $25 mthly minimum payments?  That's one way this system fails....the reason for the DR in the first place is because you can't afford to pay. They won't give me the minimum $25 mth because I'm not 'poor enough' ..and that remains to be seen, but even looking at their DR income table - my mthly payments are still way higher than what their cut off is for my income.  I guess it would make more sense if they used their own table to adjust payments...who knows. 

I'll find out what they have to say but for now - the approval letter stated that $9, 018 had been applied to the loan I have at the CIBC NSLC but when I called they had no record of this....I really wish they would get it together.  So I have to wait until they send me a letter and then call to lower the payments again....

test pilots yeah...seems like they make some of this up as they go along.

Why don't they just give us all three years worth of DR in one fatal swoop and have done with it?  Really get those loans down to a manageable level instead of prolonging the agony...or would the greedy bank be losing too much interest? 

I've closed the account that I used for my student loans just in case an automatic payment accidentally goes through..

P.S.  What is a 'beyotch'?

Nago, Hunter, Hippy;

Just got back from a terrible Vaco, and am now catching up on listservs instead of work!!

Good luck to all of you, I am really happy that mine worked out. It actually took about a year since I ran out of IR, red tape and bullsh*t, but it worked, finally. I am horribly paranoid, though, I have not yet recieved a letter, even though my DR went through and showed up in my account two months ago. I keep thinking they are going to renig.

Here's to no more debt!

Cheers!

Rebecca

Hi beck

Hopefully it's all good...I was kind of wondering if you meant that $8,000 cash was actually deposited to your bank account.  If so, I wish they would deposit my $9,018 DR into mine.  I got the approval letter but when I called the CIBC NSLC, apparently the amount hadn't been reported to them and they have no record of it (who would have guessed?) - my principal remains the same as it ever was.  The rep thought it was a little odd that I would have an approval letter and yet - they have no record of it.  I agreed.....but it seems that of course I must have rec'd the letter in error, or I am mistaken (perhaps even a liar?)  Oh well, they're like that at the CIBC NSLC and I will wait for the Debt Reduction Analyst to contact me as requested - or I will be calling back today for the next round.... As well, she tells me that DR approval usually takes 5 weeks - I guess they can't handle efficiency...