I have a student of about $28,000. I am making payments to RBC $200 per month and to the student loan centre : $200 per month also. I am making about $61000 per year now and want to get out of the rental apartment. I got approved for no down payment mortgage. However, with the interest rate, my budget will not allow me to pay more than 200 per month for both of the student loans. That is reducing the payment by half. I spoke to SLC and they told me that I could extend the duration of repayment to 16 years and it will reduce the monthly payments? Can I also do that with RBC? Is this a good idea? In the future, if I were to apply for IR, how will it affect my situation. I am very confused. Please advise. I have an infant daughter and wife to take care of as well and trying to minimize my payments. Any advise would be appreciated.

 

Thanks

 

Skali

Interesting, CSL would not accept any lower payments from me and I ended up defaulting. You must be a sweet talker, haha!

 

 

Try contacting RBC and see what they say. Banks are different from CSL and will have different policies.

Also contact CSL about how applying for IR will affect your situation. IR just covers the interest portion of your loan, the prinipal will remain the same once IR ends. If you are in the same financial situation when IR ends then it's back to square one, without the option of IR.

 

 

Not that I can do anything about it now, but if this was something that existed 5 years ago - ARGHH!!!!!!!!!!!!

 

Johnny