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I borrowed six years worth of funding. In 1996 I got my first year of OSAP with Scotiabank. Left school for a year and began paying it back, and decided to go back to school in 1998. More loans with Scotiabank, to the tune of $17 000+ before 'they' changed the system. Borrowed another $10 000 or so before graduating with a B.A. Began paying it all back: about $350/month for a couple of years. Decided to go back to school for my Honours in 2005 and borrowed another $5500. Didn't finish the program as I became pregnant.
After my mat leave I went back to work full-time, which as a single-mom was very difficult to do. I made the decision to switch to a part-time position so that my son would not have to be in daycare for nine hours a day. Here's the kicker: by reducing my hours I inevitably reduced my income, which qualified me for interest relief. I just completed the first 30 months and as a low-income family of two, qualify for at least another six months. Here's another kicker: because I have been taking a course to finally finish my Honours degree, I will not qualify for DRR (debt reduction) in 2010, when interest relief runs out.
I'm happy with my decisions so far, but I fear for the time in the next couple of years when it all runs out and I will have to return to work full-time. Working to pay off student loans is going to be painful when my son is going to need hockey equipment, etc. Even though we live somewhat cheaply, we have a good life. I hope it doesn't get too challenged by my accumulated debt ($33 000 + 18 000 credit card debt).
And that's my story, so far .....
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