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Help Please

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=4133
Printed Date: 27/March/2026 at 2:02am
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Topic: Help Please
Posted By: skali610
Subject: Help Please
Date Posted: 03/March/2007 at 4:53pm
Hello all,
 
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



Replies:
Posted By: masy
Date Posted: 05/March/2007 at 4:38am
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.
 


Posted By: administrator
Date Posted: 05/March/2007 at 5:44am
after IR you can apply for debt reduction though...


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Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024


Posted By: masy
Date Posted: 05/March/2007 at 9:52am
What!!! CSL never told me about that when my IR finished? Is this a new policy??
 
Not that I can do anything about it now, but if this was something that existed 5 years ago - ARGHH!!!!!!!!!!!!


Posted By: administrator
Date Posted: 05/March/2007 at 10:31am
If your loans are not in default you can apply for debt reduction...after exhausting IR Its been around for a few years...

The first year only 44 people qualified so they made it a little easier to get...

You might still be able to do something if not in default...

Mark

-------------
Administrator
Mark OMeara
Author of Let Go and Heal: Recovery from Emotional Pain
https://LaughSingWrite.com - http://bit.ly/heal2024


Posted By: ChumbaWumba
Date Posted: 10/July/2007 at 3:51am
How does one apply for debt reduction??


Posted By: SolveStudentDebt
Date Posted: 10/July/2007 at 4:12am
You would contact the Nationsl Student Loan Service Center and apply for DDR.
 
Johnny


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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com



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