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Forever stuck in the program

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Sariiya View Drop Down
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Joined: 03/December/2017
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    Posted: 27/March/2018 at 12:45pm
The customize repayments option maxes out at 15 years which is the same term as the repayment assistance. You can also only do the interest only payments a maximum of 12 months over the entire loan term although I havnt had to use that option yet. Ive had the reps explain it as a short term stop-gap type measure if you cannot do the regular or repayment assistance amounts. Not really any long term solutions either as in stage 2 the principal reduction still keeps the regular payments the same over the term so they dont really let you get ahead it's just prorated for the term. The last rep said to me dont worry the government will take care of it. Problem is if I wanna get married or get a pay increase over time its still there waiting to be paid. At 7 years in payment with still outstanding of 63500 the regular payments are like 850ish and my repayment assistance is generally under 200. Just got a pay increase to almost 40thou a year. Might have to pay like 300 a month and still get stage 2. I asked the rep about extra payments but I wouldnt be able to catch up at this point. I think it would get adusted every 6 months and bring the regular payments down but that would also mean they write off less the next 6 months so catch 22 there. The only reason to do that is so I could afford to get married but it would take more than I have to even bring those payments down. Also not sure lump sum or regular monthly extra? Is it even worth it. I live alone. Save instead?
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Faramir View Drop Down
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Joined: 27/February/2019
Location: Victoria
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Faramir Quote  Post ReplyReply Direct Link To This Post Posted: 27/February/2019 at 4:24pm
I would love to have been able for us to continue in the RAP, but only lasted 6 months until told make too much money.  Asking for us to pay over $600 a month seems brutal to me and they wonder why so many default.  How about rewarding those of us who are at least TRYING to repay?  But the Canadian program seems to have no grace whatsoever.
Student loan survivor
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