I've been paying my Canada Student loan 5 yrs but still have 6K left. Is there a way to pay less of it?
I'm curious if there's a debt relief program, where a part of my student loan may be forgiven or waived. I've been diligently paying my loan at a rate of 100 dollars per month.
Financial Aid - 1 Answers
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Welcome to my world. the average student loan for a Canadian student is 10 years of paying minimum payments based on a 30-40 thousand dollar loan. the interest kills, that is why they suggest to pay about 10 to 20 dollars more then the minimum requirement. it kills the interest faster and you hit prinicple faster. I started that about 2 years ago and now I have takin a year off already and have been paying it faster. If you want to pay less on the loan you can contact the national student loan centre and they will evaluate your earnings compared to what you owe and currently pay them and if they feel that you qualify for a decrease in monthly payments they will grant an decrease or what they call a 6 month grace period on repayment where they allow you to have 6 months interest free no repayment. some sites include www.hrdc-drhc.gc.ca/student_loans www.aved.gov.bc.ca/studentservices
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