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Difference between revisions of "Dealing with Debt (10:V)"
From Clicklaw Wikibooks
→1. Federal Student Loan Debt
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The National Student Loan Service Centre (NSLSC) is responsible for consolidating all federal student debt in Canada. In certain circumstances, students can apply for the Repayment Assistance Plan (RAP) and receive payment relief. Successful applicants may receive temporary interest relief, permanent interest relief, and in the case of a student with a disability a portion of the principal amount of their loan may be forgiven. The level of assistance a student will receive is dependent on their income level, the size of their family, and whether they have a disability. | The National Student Loan Service Centre (NSLSC) is responsible for consolidating all federal student debt in Canada. In certain circumstances, students can apply for the Repayment Assistance Plan (RAP) and receive payment relief. Successful applicants may receive temporary interest relief, permanent interest relief, and in the case of a student with a disability a portion of the principal amount of their loan may be forgiven. The level of assistance a student will receive is dependent on their income level, the size of their family, and whether they have a disability. | ||
For further information on getting repayment assistance for Federal student loans, see | For further information on getting repayment assistance for Federal student loans, see https://www.canada.ca/en/services/benefits/education/student-aid/grants-loans/repay/assistance/rap.html. | ||
:'''NOTE:''' Due to COVID-19, effective April 2021, the Government of Canada has suspended the accumulation of interest on Canada Student Loans until March 31, 2022. Subject to Parliament approval, the Government of Canada has proposed to extend this measure until March 31, 2023. | :'''NOTE:''' Due to COVID-19, effective April 2021, the Government of Canada has suspended the accumulation of interest on Canada Student Loans until March 31, 2022. Subject to Parliament approval, the Government of Canada has proposed to extend this measure until March 31, 2023. | ||
