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  1. #1
    Expert Forum User The Ultimate London Mom! mamabear's Avatar
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    Default 2 OSAP repayment questions in one

    I'm just curious...

    1 - After you finish school and you go to do the payments, if you can't afford them, how does that work? Like how soon do you have to start making payments (6 months or something?) and I know there's help in terms of interest relief or whatever it's called, but what actually is that and how does it work, and so on?

    2 - People are talking about using any leftover OSAP to pay down the principle (while still in school). When I have extra I horde it, because I think if I tried to send them money they would want to know where that money came from, or something, KWIM? So if you have done this, was it easy, or did they make a big deal out of it? How would you go about doing it anyways?

  2. #2
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    I can't answer your first question, but when I lived in BC I consolidated some things and paid my student loan in full. No one asked where the money came from.
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  3. #3
    M2M
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    They actually recommended to me using the fogiven amount to pay them back. They told me where to invest it, and how to invest it.

    You have 6 months interest free, so if you dont pay during those 6 months theres no interest collecting on it.

  4. #4
    Expert Forum User The Ultimate London Mom!
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    You do not pay for the first 6 mos after school. Interest DOES collect on the amount though. For my 45,000 loan it was just under a grand. Once 6 mos is over you can apply for assistance. You go online and fill out some forms and mail them in. Then they mail you back what you are eligable for (varries between too bad you suck and horray you're poor and can pay us later). I, fortunately, got horray you are poor and can pay us later. Basically the government is paying my interest and NOTHING is being paid on the principle. This lasts for 6 months then I am in the exact same position - nothing further paid on it and nothing added to it. You CAN make payments though during this time if you would like. There is a chart somewhere on what income level you need to have in order to qualify for this and it is based on repayment amount and family size. I'll see if I can find it for you.
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    Expert Forum User The Ultimate London Mom!
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  6. #6
    Expert Forum User The Ultimate London Mom! mamabear's Avatar
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    Thanks so much for explaining that with examples and everything. LOL!

  7. #7
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    Last year I was off because of my pregnancy and because I couldn't work during it ended up applying for interest relief. Its super easy and you'd be surprised how many people qualify at what you might think is a high income level. You can apply by phoning in once your first 6 months from the end of school is up. You will get 6 months at a time interest relief up to 18 months total. I ended up doing two applications and getting a full year interest free no payments. Once you're entitled time is up you can either start making payments if you have enough money, or you can renogotiate the terms and length of repayment to get the minimum lowered. Just to give you an idea, I owed about 27,000 to OSAP and the monthly minimum payment was $267.00 at the time. It does fluctuate a bit.



  8. #8
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    If you can not afford the minimum they will offer you a different payment plan that you can afford, or at least they did when I started paying mine back.

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