Results 1 to 7 of 7
  1. #1
    Expert Forum User
    strongmommy's Avatar
    Join Date
    Sep 2006
    Location
    Old North
    Posts
    2,557
    Rep Power
    189

    Default OSAP repayment overpayment??

    The hubby's OSAP (Integrated Student Loan) has a balance of $68 as of today. This is less than the monthly repayment he's been making for the last 8 years yet he has another 3 payments scheduled to come out starting at the end of January as of his account info today?????

    What's up with overpaying the original loan balance??? Can we assume the system just reflects the amortization period at the time he originally started repaying (he's increased the monthly payment since then). He really, really, really doesn't want to have to call them - especially this busy month.
    Last edited by strongmommy; 01-10-2011 at 05:35 AM.

  2. #2
    Senior Member

    Join Date
    May 2010
    Location
    London, ON
    Posts
    1,565
    Rep Power
    172

    Default

    I am assuming it is to cover interest. I would call though, or those payments will come out and he might not know why.

  3. #3
    Expert Forum User
    strongmommy's Avatar
    Join Date
    Sep 2006
    Location
    Old North
    Posts
    2,557
    Rep Power
    189

    Default

    thanks Layla'sMom ... but extra interest doesn't make sense since he's been paying it all along and the annual statements OSAP sends out don't say anything about an admin charge or extra amounts.

    I'll break the news to him he has to call

  4. #4
    Expert Forum User
    NikkiJ's Avatar
    Join Date
    Mar 2009
    Location
    Wharncliffe and Riverside
    Posts
    5,974
    Rep Power
    553

    Default

    Ya it sounds like interest I know iwth my OSAP I pay almost as much in interest a month as I do in my payment. So for $84.00 he may very well have a good chunk of interest he still has to pay.
    I'm

    [/B]

  5. #5
    Expert Forum User
    strongmommy's Avatar
    Join Date
    Sep 2006
    Location
    Old North
    Posts
    2,557
    Rep Power
    189

    Default

    See that's the thing though - I've been tracking every year and all payments get applied to interest first. The loan has always been at prime +4.5% and so the interest has fluctuated quite a bit over the last several years. He also increased his monthly payment right from the beginning to pay it off faster.

    I did just look at how much he'll potentially overpay and it looks like it's the interest that was capitalized during the six months between grad and first repayment BUT this same interest is also included in the original total amount owing to be repaid .... which he's now (well after $68 of this payment gets applied) done including all the interest.

    It's a math thing that's bugging me .... I'll let you know how it goes

  6. #6
    Expert Forum User
    Mum 2 Alyssa's Avatar
    Join Date
    Jan 2007
    Posts
    6,703
    Rep Power
    390

    Default

    I think I understand what you are saying happymommy - it's like he's paying it twice. I hope he can get through with a call!

    I just wanted to say though - CONGRATS for no more OSAP payment! I'm looking forward to that day for DH!
    Mum to Alyssa (born April 30, 2005)

  7. #7
    Expert Forum User
    strongmommy's Avatar
    Join Date
    Sep 2006
    Location
    Old North
    Posts
    2,557
    Rep Power
    189

    Default

    UPDATE for terasys:

    OSAP's online values were wrong and I was right (of course )

    The actual final payment came off and within 2 weeks we got the CONGRATS your done with OSAP letter.

    Hope it all works out for you the same way!

Similar Threads

  1. benefits repayment question!
    By WynterMom in forum Chit Chat
    Replies: 8
    Last Post: 07-11-2010, 07:16 PM
  2. 2 OSAP repayment questions in one
    By mamabear in forum Student Moms
    Replies: 7
    Last Post: 11-21-2009, 10:34 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •