Name of the Organization : CanLearn
Type of Facility : Student Loan Repayment
Country : Canada
Website : http://www.canlearn.ca/eng/loans_grants/index.shtml
Related : CanLearn Student Financial Assistance Estimator Canada : www.statusin.org/3830.html
Student Loan Repayment :
You’ve left post-secondary education and you’re ready for the next stage of your life. You’re also at the next stage of your student loan.
Any grants you received do not have to be repaid.
Paying Back Student Loans :
It’s time to start repaying your loan when you :
** have graduated from your studies;
** have transferred to part-time studies;
** have left school; or
** are taking time off school for more than 6 months.
For the first 6 months after you leave school, you will not have to make payments on your Canada Student Loan or your provincial student loan. Interest, however, does accumulate during this period. You can either choose to :
** start making those interest payments right away;
** pay the six months’ interest as a lump sum before you start making your regular payments; or
** have your loan providers add the interest amount to your loan total after the 6-month non-repayment period.
Note :
** It’s your responsibility to contact your loan provider(s) to set up a repayment schedule before you have to start making payments after the 6-month non-repayment. Loan providers will try to contact you via mail or phone, but it’s up to you to set up and manage your loan payments should they not be able to reach you.
** If you don’t make contact, your loan payments may start to be automatically withdrawn after the 6-month non-repayment period from the same bank account where your loans were deposited (if you had arranged for direct deposits).
Repayment Assistance :
** Stressed that you can’t make your loan payment- Already missed a loan payment- The Government of Canada has repayment assistance options that may be able to help. Contact the National Student Loans Service Centre (NSLSC) and your provincial or territorial student financial aid office to discuss repayment options.
** If you have a provincial or territorial government student loan, contact your provincial or territorial student financial assistance office to find out about their repayment assistance programs.
If you have a Canada Student Loan, one of the following measures may be right for you :
** Through the Repayment Assistance Plan (RAP) you may qualify for a reduced monthly payment or no monthly payment.
** Through the Repayment Assistance Plan for Borrowers with a Permanent Disability (RAP-PD) you may qualify for a reduced monthly payment (or no monthly payment at all) and receive financial help with expenses related to your disability.
** You may be eligible to have your loans forgiven through the Severe Permanent Disability Benefit if you have a severe permanent disability.
** Under the Revision of Terms measure, you can ask to have your student loan payments decreased if you are having difficulty repaying your student loan debt or increased if you wish to pay off your loan debt more quickly.
** If your Canada Student Loan is in collection, Canada Student Loan Rehabilitation may be able to help you.
** You may be eligible for Canada Student Loan Forgiveness for Family Doctors and Nurses if you are working as a family doctor, resident in family medicine, nurse or nurse practitioner in a designated rural or remote community.
How to Manage Student Loan Debt :
** You can build a good credit rating by showing your ability to manage your loan in a responsible way. One of the best ways to manage your student loan is to pay it off as quickly as you can. Any time you have extra money, use it to pay down the principle amount of your loan.
** When you start out in the working world, you may have to juggle a car loan, rent and other expenses while paying back your student loan. You can revise the terms of your loan to lower the amount you pay back each month. As well, there is help available in the form of repayment assistance.
How to Make Payments :
You will receive a notice in the mail that your loan repayments are about to begin. If you haven’t received anything by mail, make sure you contact your loan provider(s) before your 6-month non-repayment period is over.
You’ll want to review all aspects of your loan(s) and finalize details concerning :
** how much you owe;
** the interest rate that will be applied to your loan(s);
** the bank account you will use to repay the loan;
** the monthly amount that will be withdrawn from your bank account;
** the date it will be withdrawn (if you’re set up for direct withdrawals);
** how to send monthly payments to your loan provider(s) (normally via cheque if you’re not set up for direct withdrawals); and
** how long it will take to pay back your loan(s).
Note :
Once you agree with the repayment schedule given to you by your loan provider, sign and return it. Payments will be withdrawn from your account on file even if they do not receive your signature.
Returning the repayment schedule gives you the opportunity to :
** make changes to the repayment schedule;
** confirm the repayment schedule;
** get help if you are having trouble making payments.
Note :
At the end of the 6 month non-repayment period, start making monthly payments, either through direct withdrawals, by cheque, online banking or telephone banking.
Where to Make Payments : http://www.canlearn.ca/eng/loans_gra…nt/where.shtml