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Student loan in default

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lemondeli View Drop Down
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    Posted: 07/December/2017 at 5:45pm
I have a student loan at around $25,000 combined for both federal and provincial portion. The loan went into default at the end of 2015. However, I was outside of Canada at the time and it wasn’t until 2 weeks ago when I came back to Canada that I found out about the default.

From my phone calls to CRA and my province I found out I have accumulated an interest of over $3700 total and rising still.

A little background on my situation: I left school unfinished beginning 2014. Since then I was out of Canada and with some jobs but little wage.

From 2015 to 2016 I was hospitalized twice due to health issues and could not get back to Canada during the time. I was not aware of the situation on my loan until I came back to Canada.

So now do I have no choice but pay the requested amount of interest to the agencies now for rehabilitation or is there a way to reduce the interest that was owed?

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Post Options Post Options   Thanks (0) Thanks(0)   Quote administrator Quote  Post ReplyReply Direct Link To This Post Posted: 09/December/2017 at 2:51pm
You need to look at the rehabilitation of the loan and then apply for the Repayment Assistance Program.

Check into the qualifications for loan rehabilitation with the NSLSC.

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Mark O'Meara

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lemondeli View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote lemondeli Quote  Post ReplyReply Direct Link To This Post Posted: 09/December/2017 at 6:56pm
Thanks for the reply. I did looking into rehabilitation and RAP. However, my job currently isn’t in Canada so isn’t it the case that I can’t get repayment assistance? My wage is also very low and even though I have some savings over last year it doesn’t quite cover the interests owed so getting the loan out of default would be difficult without further borrowing.

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