Stress & Mental Health Dealing with Student Loans

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fear of being audited

Printed From: CanadaStudentDebt.ca
Category: Other Topics
Forum Name: Stress & Mental Health Dealing with Student Loans
Forum Description: A place to help dealing with the stress of this crap!
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=5717
Printed Date: 18/April/2024 at 3:46am
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Topic: fear of being audited

Posted By: debtwazuuu
Subject: fear of being audited
Date Posted: 22/March/2010 at 12:21pm

Hi, I have two types of student debt, federal student loan and student line of credit from my bank. My bank loan I have no issues with and I am paying it down but I have only made a few payments on my federal loan. I am looking for advice on whether or not I should fear being audited. This is why:

I went back to school last year (university) and I have applied for a canada student loan as a full-time student. All was fine, but as I began my second semester even with my loan I was finding it impossible to make ends meet, even with a part-time job so I stopped going to university. I did not tell CSL about my turn of events which I now realize I should have. So, when I applied to get interest relief this past summer so that I could focus on paying my student line of credit at my bank, i put that my end of study date was later than it actually was. I am not someone who generally lies, and now I am feeling immensely guilty and fearing being audited and then criminally charged. Is it possible for me to confess my mistake and not be penalized? I suppose I know the answer already, but maybe someone out there has dealt with this before.