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Hello All,
So Glad I found this forum! :)
So here is my long story put short: I am a student completing my undergrad. I got OSAP for the first 4 years of undergrad, but then stopped for my 5th year because I was working full time and studying part time. I submitted a form via fax to my school about 'continuing studies' despite not getting OSAP. My school is usually REALLY slow about this so every year I get a document from OSAP saying you are now out of school and need to start repaying. And every year it goes away because the school finally gets on it. This year when I got the notices I assumed the same thing, only this time the school did not submit it. I started getting the 'you are owing 2 months in student payments' notice and freaked out. I contacted NSLC and told them I am still a student - they said its ok just fill out a form stating that and send it to your school to continue the status. I contact the school and they say I am not eligible due to my part time status (in the winter term). They also denied getting any communication from me in the fall about my student loans (Note I was a full time status student in the fall and part time in the winter).
I also noticed that OSAP was saying I owe more than I actually do.
I also kept getting random documents in the mail with incorrect info - one even said I had been reassessed this year for a few thousand dollars. I DIDNT APPLY THIS YEAR!!!
Anyways so a lot of back and forth later... in the end I decided to just start making payments so it doesnt damage my credit anymore than it has. I think its been 5 or 6 months now?!
I made a full payment for the outstanding interest and set up a repayment plan.
Now here is what I dont know what to do:
1) This Fall I *may* be going back as a full time status student to finish this degree off. Should I apply for student status again?
2) Should I make higher payments every month to pay off the loan? Does that look good on my credit? Or makes no difference?
3) If I pay off a huge part of my debt through savings + borrowing from the parents...would that make me look good credit wise?
I basically want to know what I can do to improve my probably horrible credit at this point.
Also, I have a few credit cards with low maximums and I am not 'in debt' to them (like I have a few hundred dollars on each ...but its mostly to maintain some sort of credit...if I wanted to I could pay them all off today etc).
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