IR cut off criteria
Printed From: CanadaStudentDebt.ca
Category: Government Program Problems
Forum Name: Repayment Assisstance Plan (RAP) Issues
Forum Description: Rules, regulations and problems (Formerly Interest Relief and Debt Reduction)
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=884
Printed Date: 27/March/2026 at 2:17am
Software Version: Web Wiz Forums 12.07 - https://www.webwizforums.com
Topic: IR cut off criteria
Posted By: pattypooh
Subject: IR cut off criteria
Date Posted: 02/April/2004 at 2:22pm
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Hi, I'm a new member and have qualified for interest relief once before and was recently told I prequalify again. I was just wondering what is the cut off with the gross monthly income. I make anywhere between $1200 and $1600 a month depending on my hours. So, what is the upper limit? Thanks. ------------- Patty |
Replies:
Posted By: Guests
Date Posted: 02/April/2004 at 5:51pm
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Interest Relief is based on your gross monthly income, the number of people in your family and the amount of your student loan payment. If you are married, you must also include your spouse's gross income. You should be able to call the centre that holds your student loans and find out what the maximum earnings are for your situation. amynic |
Posted By: Phoenix
Date Posted: 03/April/2004 at 4:08pm
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Patty, I am not sure where you live, but here is the information for Ontario. http://osap.gov.on.ca/eng/not_secure/IR.htm At the bottom of this page, you can find a table which lists the income. You need to know the total monthly payments for you loans and the number of dependents you have. If you do not know your monthly payments, you can call and ask the lenders or calculate it using a payment calculator found on bank sites or with a spreadsheet, i.e. MS excel. ------------- Truth Endures... Phoenix |
Posted By: diana
Date Posted: 08/April/2004 at 5:13am
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It does not matter what the criteria is for interest relief. The CIBC and the NSLC are unable to process interest relief applications correctly. Any policy or procedure is useless if there are idiots processing the applications. ------------- diana |
Posted By: pattypooh
Date Posted: 08/April/2004 at 6:08pm
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I just wanted to say thanks to everyone who replied. I am in Ontario so that website helped out a lot and as for the people at CIBC, I can't say a whole lot since I am part of the company. But screw ups definitely do happen, we can only correct them and move on. So good luck to everyone, hopefully my interest relief goes through without any hassels, please keep your fingers crossed for me. Thanks again! ------------- Patty |
Posted By: torontoboy26
Date Posted: 19/April/2004 at 7:57pm
diana, you are correct dear, marry me and we can be poor together?
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Posted By: diana
Date Posted: 21/April/2004 at 1:37pm
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I don't want to be poor forever. Circumstances are making me poor now. It is because of these circumstances that interest relief is going to be allowed on my loans. Even if it kills me....which eliminates any prospect for marriage. I don't even have life insurance so you couldn't gain anything there. ------------- diana |