If you are struggling to make your student loan payments, you may be able to get help through repayment assistance. This program provides financial assistance to borrowers who have difficulty completing their payments. To qualify for repayment assistance, you must meet certain eligibility criteria.
You will need to complete an application form to apply for repayment assistance. The application can be found on the Service Canada website. You will also need to provide proof of your income and your loan documents. If you are eligible and accepted into RAP, the Government of Canada and your provincial or territorial government will pay the interest because your revised payment does not cover it. After 60 months of RAP or ten years after you finish school,
Suppose you are having difficulty or are unable to make your payments. In that case, you can apply to have the Government of Canada and your provincial or territorial government help you by paying towards your loan through these plans:
- the Repayment Assistance Plan (RAP)
- the Repayment Assistance Plan for Borrowers with a Permanent Disability (RAP-PD
- After six months, Re-enrolment is not automatic, and you must re-apply every six months.
If you go back to school
Are you feeling overwhelmed by your student loan payments? Have you been thinking about going back to school to get a higher degree but are worried about the cost? You may be able to get help with your loan payments.
The Canada Student Loan Repayment Assistance Program can help reduce your monthly payments or even suspend them together, based on your income and family size. To qualify, you must be a Canadian citizen or permanent resident and have taken out a student loan from the government of Canada.
You can apply for repayment assistance online at Service Canada’s website. The application process is simple, and you will receive a decision within weeks. If approved, you will not have to make any loan payments for six months. After that, your monthly payment will be based on your income.
Contact NSLSC to discuss your options.
Are you struggling to make your student loan payments? Are you finding it challenging to keep up with the rising interest rates and monthly payments? You may be eligible for Canada’s Student Loan Repayment Assistance Program. This program is offered through the National Student Loans Service Centre (NSLSC) and can help reduce your monthly payment or even suspend it altogether.
To see if you qualify for assistance, please get in touch with the NSLSC. They will be able to help you explore all of your options and determine which program is best suited for your needs. There are several different programs available, including:
Repayment Assistance Plan (RAP): This program can lower your monthly payment by 50%. It is available to borrowers who have a family income of less than $60,000 per year. If you have student loans from Manitoba or Prince Edward Island, you must contact your provincial or territorial loan provider.
The Canada Student Loan Repayment Assistance Program is a government loan forgiveness program that helps students repay their loans. To be eligible for the program, you must meet the following criteria:
- You must be a Canadian citizen or permanent resident.
- You must have obtained a minimum of a bachelor’s degree.
- Your total outstanding student loan balance must be at least $10,000.
- Finally, you must have been out of school for at least ten years.
You can fill out the application form on the Government of Canada website to apply for the program. The deadline to apply is November 1st of each year.
If you have a permanent disability, you may qualify for RAP-PD if:
If you have a permanent disability, you may be eligible for RAP-PD. To apply, download and complete the application form available on the Canada Student Loans Program website and submit it to your loan servicer.
- Eligible disabilities include physical, mental, sensory, learning, and psychological impairments. In addition, you must provide documentation from a qualified professional confirming your disability.
- Depending on your income, RAP-PD can reduce your monthly payments by 50% or completely erase them. The program also offers interest relief on your student loans.
- To be eligible for RAP-PD, you must be a Canadian citizen or permanent resident and have been out of school for at least six months. You must also be in repayment status on your Canada Student Loan and meet the minimum income requirements.
When you’re repaying student loans, it’s essential to be aware of the income thresholds that will affect your monthly payments. The government has two programs that can help reduce your monthly costs: the Repayment Assistance Plan (RAP) and the Student Loan Forgiveness Program.
The RAP is available to borrowers struggling to make their monthly payments. The program offers lower monthly payments and interest rates and provides loan forgiveness after ten years of repayment. Your annual income must be below a certain threshold to be eligible for the RAP. The threshold varies depending on your province or territory of residence.
The Student Loan Forgiveness Program is available to borrowers who have been making consistent repayments for ten years. Under this program, part of your loan is forgiven after ten years of compensation. Find out if you are eligible by using the Repayment Assistance Estimator.
Monthly Gross Family Income Thresholds for Zero Payment under RAP by Family Size
|Family Size||Income Threshold
Use the Repayment Assistance Estimator
Use the Repayment Assistance Estimator. If you’re feeling overwhelmed by your student loan payments, you may be considering applying for student loan repayment assistance. Luckily, an online tool can help make the process easier. The Student Loan Repayment Assistance Estimator lets you see how much money you could receive in repayment assistance based on your income and family size. You can also use the tool to find out how much interest you would save by enrolling in a repayment assistance plan.
To use the estimator, you’ll need to know your gross annual income and the number of people in your household. You’ll also need to provide information about your student loans, such as the type of loan, the amount of the loan, and the interest rate. Once you have entered this information, the estimator will show you a list of available repayment assistance plans.
To apply for repayment assistance:
If you are finding it challenging to keep up with your Canada student loan payments, you may be able to apply for repayment assistance. This program can lower your monthly payments or extend your loan term, depending on your financial situation.
To apply for repayment assistance, you will need to provide proof of income and expenses. You will also need to demonstrate that you cannot meet your current student loan payments.
There are several different repayment assistance programs available in Canada. The government offers two programs: the Repayment Assistance Plan (RAP) and the Student Income Support Program (SISP). Contact your local student aid office to find out more.
You can find information about provincial repayment assistance programs on the government’s website. Apply For assistance at the NSLSC