I'm not planning on relocating for this (their definition of rural isn't necessarily what I'd consider rural) and I was already planning on applying at some hospitals that would be considered rural as they're not far from the city I live in now. Written by Lance D Johnson (Natural News) World leaders are preparing for a second and third wave of covid-19 cases and are fine-tuning their lock down strategies which will be … Have thought about doing a stint in an under serviced area to have your tuition reimbursed? So if you borrowed 7k / year you might not be eligible, but if you borrowed more you could probably see about applying for OSOG to cover anything above the 7k that year, though I think it might be an automatic application. Government guaranteed student debt is eligible for discharge and forgiveness under the Bankruptcy & Insolvency Act under certain conditions. OSAP Loan forgiveness worth it? An example would be your OSAP loans. Also not sure, but is the internet on your loan on pause while you're in this program? I don't know if you'll get that in a rural community. OSAP Loan Forgiveness Under The Bankruptcy And Insolvency Act . I don't know what I'm doing wrong with my budget. Barely enough for me to pay for my living expenses. I … Unless you live in SF or NYC where housing price is 1800 a month for any decent place. If there are extenuating circumstances that caused you to be unable to keep up with your payments, collect documentation on that, too. If your student loan payments seem overwhelming, you should know that you’re not alone. From a numbers stand point, $4000/yr sounds like a lot when you've been a student for awhile, but once you start making $70k+ / year (~50k after taxes), its kind of a drop in the bucket and probably not worth relocating your entire life for unless its something you really want to do (and 5 years of work in a long commitment). So if you have any family with a home that loves you enough, they could mortgage their house with you as cosigner for the amount of your OSAP loan, pay the osap loan in entirety from the mortage, and just set up automatic payments from your account to the mortgage every month instead of to OSAP, which would save you thousands over time due to the lower fees. How should I deal with this? It will only be erased when it has been paid off in full. Note, this is not student debt forgiveness of your student loan debt. This petition had 165 supporters. I thought about it while I was in school and even just after graduating since I don't think I need that much of a social city life (i.e. OSAP debt (including provincial and federal student loans) does not expire. New comments cannot be posted and votes cannot be cast, More posts from the PersonalFinanceCanada community, Continue browsing in r/PersonalFinanceCanada, Press J to jump to the feed. MC. Bankruptcy will certainly not release your student loans debt until you've been out of full or part-time studies for 7 years. I have been told that i no longer qualify for IR due to the fact i am now working a sh*tty 8.50/hr job in a field i never even went to school for. Citibank Student Loans: Its Closure and Alternatives March 31st, 2021. A. in duration; and lead to a degree, diploma OSAP, or the Ontario Student Assistance Program, is a financial aid program funded by both the provincial and federal governments that helps students pay for postsecondary education. What would be the best way to go about this? They will work with you to make sure you can meet your obligations. Personally, I'd never commit to that program. I'm not aware of anything that would give you relief since you're doing residency in the US. Well my loan is about 40k, and I could pay it off today if I really wanted to or just pay around half and let it sit there and get the loan forgiveness until the federal portion is paid off. Changes to Canada Student Grants and Loans have been introduced so students facing financial challenges from COVID-19 can access and afford post-secondary education. Category: Student Loan Debt Leave a comment. All applicants for Debt Reduction must include proof of their reported family income (e.g., copies of pay stubs for the applicant, and spouse, if applicable). I don't mind staying in on my own for my free time)... but in the end I just paid off my loan and worked in the city where all my friends and family are. We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. 48 before tax (both for US and Canada). Mon., Sept. 28, 2020 timer 3 min. On the other hand, if OSAP's claim has a six-year limitation period under the former Limitation Act and this limitation period expired after January 1, 2004, then there is no limitation period. The Repayment Assistance Plan is the OSAP debt reduction program that the Canadian Government offers to students struggling to pay back … Ontario government expands on student loan forgiveness Back to video We apologize, but this video has failed to load. You must have PEI and Canada student loans to qualify and you must apply within 60 days of your last day of class. A NONPARTISAN COMMUNITY TO CANCEL ALL STUDENT DEBT. New comments cannot be posted and votes cannot be cast, More posts from the PersonalFinanceCanada community, Continue browsing in r/PersonalFinanceCanada, Press J to jump to the feed. OSAP and student debt forgiveness under the Bankruptcy & Insolvency Act. We don't really plan on leaving the city we're living in for at least a few years (it's a decent size and housing is still relatively affordable), and I'm currently doing a placement in what would be considered a "rural" hospital about 30 minutes from town, and quite a few employees commute from here or even further. 10620 Treena St #252, San Diego, CA 92131; … There's actually a $1500 referral bounty for referrals at my hospital if you can recruit an experienced OR nurse. I will be making about 48k a year as a medical resident in the US (NOT in family medicine which would allow for debt reduction). :p. 2 - As said below OSAP is super flexible and will change your repayment schedule to match whatever your situation is. Most of the loan forgiveness options for OSAP involve ROS (return of service) or certain rural locations for family med. Losing your savings never makes sense to pay off a student loan, especially if you're adding more income to it through your job. Try refreshing your browser, or tap here to see other videos from our team . If you are having a difficult time managing your student loan debt be proactive and don’t be afraid to look for some assistance. I'm thinking about applying to some jobs in what they consider rural communities, which means I could be eligible for $4000 of debt reduction yearly for 5 years. Submit . I'll be doing this later this year. update Article was updated Sep. 29, 2020. OSAP Debt Reduction Plan; Managing your student loan debt is essential. By Michael Coteau Contributor. This is the first ive heard of the mortgage plan. Question: I went to college more than 10 years ago and OSAP has been after me ever since to repay my student loans. I know a few of my classmates who enrolled in the program and they've all regretted it. Choosing rural has an opportunity cost. Stage 2: Debt Reduction. When i call regarding my loan and ask about loan forgiveness i am told there is no such thing , despite articles i have read on the interent and in the toronto star. Newfoundland and Labrador Debt Reduction Grant. I'm going to the states because Canada didn't accept me for medical residency :(. Would that cover the entirety of your loan, or a massive part of it? you're making almost double my income, and I'm living in one of the most expensive cities in the country, paying my loans, and saving... Maybe you should consider reworking your budget?). I hate the idea of letting my loan just sit there for years to be eligible for the program, but I also wouldn't mind getting $4000 dollars a year and keeping some of the money I have saved now to pay off my car earlier or use it for a down payment since we're planning on buying a house in 2-3 years. I loaned out something like 30k overall and only had to pay back 1st yr 9k/ 2nd yr 7k/ 3rd 7k/4th 5k or something like that. You can try premed101 or OSAP directly, there might be other options. I'm thinking about applying to some jobs in what they consider rural communities, which means I could be eligible for $4000 of debt reduction yearly for 5 years. More than 100,000 Borrowers Get Student Loan Debt Forgiveness April 4th, 2021. read. Fill out the form and we will review your case for FREE. Do I qualify? The Bankruptcy and Insolvency Act, specifically section 178. Try to find out where those caps are for graduate school (if applicable). Almost everyone by now knows that there is a 7-year bankruptcy rule for student debt. How the 2013 OSAP Default Rates Work. Scott Patton is a 4 Pillars Debt Specialist in Kitchener Ontario. I don't think anyone can answer the question for you (other than run some numbers) since its personal preference. Career Education Corp Lawsuit: Your Forgiveness Options March 26th, 2021. As a new grad, you might be able to have a hospital pay for all your training and guarantee great hours, but I'd wager this would be limited to urban hospitals with a lot of resources. So, party less hard maybe? Your options for repayment assistance are not the same for private student debt like bank loans. Although I would have liked to repay these loans I found it difficult to find good employment and now I am on disability and … If you're willing to commute somewhere "rural" (I think even Brantford General counts for this, surprisingly lol) and you actually like working there, then I'd say go for it. Nadia A started this petition to Government of Ontario and 2 others. There are plenty of jobs paying good wages elsewhere in the province, and having lived in some of the areas that use the program to recruit... You don't wanna work at those hospitals, nobody does, and for legitimate reasons. Also, list all of your debt and monthly payments, with screenshots of your balance and monthly statements. According to a 2018 Canadian University Survey Consortium report, 50 per cent of post-secondary students graduated with debt. RN here- we make the same wage throughout the province if you're a hospital employee but the cost of living varies dramatically. But don't forget to let your tenant know that your rent forgiveness will be considered a "gift" or a "forgiveness of debt" by the IRS and she may be liable for taxes on it if it's more than the annual exclusion (for gifts, I believe that's $15,000). OSAP Debt Forgiveness. What is OSAP? Secondly, call OSAP and ask about a payment plan. (Also p.s. Now i hear there is a thing called loan forgiveness. A: Yes, I am proud to report that I finished paying back my OSAP – a total sum of $18,500 – this past spring. When I first started off, pretty much every day I'd be asking much more senior nurses with 10+ years of experience how I should address a problem/symptom and I learned a lot and generally felt very safe. I interviewed Natalie W., a recent graduate of Carleton’s Canadian Studies master’s program and no stranger to student debt, for her advice on how to quickly repay a loan. I've always scratched my head over classmates that moved back to Toronto after school- why would you give half your income away in housing costs when you could work literally anywhere? The Bankruptcy And Insolvency Act (BIA) specifies that government-guaranteed student debt is eligible for discharge under certain conditions. In Ontario, students will submit one application form for both federal and provincial student loans. If you declare bankruptcy, you still have to pay your OSAP loan. I think you should do it for a year just for the experience with the financial benefit as a bonus. https://osap.gov.on.ca/OSAPPortal/en/Contacts/TCONT003502.html - has the contact information and hours. 1 - If 48k a year is barely enough for your basic living expenses you need to re-work a few things..quite significantly. From: Employment and Social Development Canada Fall 2020 to 2021 support for post-secondary students . This has always been my plan, but now with the debt forgiveness I'm not too sure. Brace Yourselves for ‘The World Debt Reset Program’ & UBI. The interest rate isn't great though which stresses me out. Worth asking about. I'm not aware of anything that would give you relief since you're doing residency in the US. Apply to the Repayment Assistance Plan if you can’t make these monthly payments. The only thing is that I currently have enough money to pay back ALL of my OSAP before I graduate and it starts accruing interest. And I also wouldn't have to stay working there if I didn't want to, I could pay off my loan today if I wanted to so I don't NEED the money (but hate to say no to essentially free money). Published on October 25, 2020. Also, I'm not sure where you're living in the US, but I live in downtown Vancouver ($$$) and I supported both myself and my husband for 5 months while he was unemployed - you might have more wiggle room than you think with $48K (+ call stipend). The average debt was pegged at $27,929. The OSAP debt default rate has gone down from 13.5 per cent in 2003 to 9.6 per cent in 2013 (that number reflects people who had loans in 2010-2011, and graduated by the end of 2012.) I debated the exact same thing last year and decided to stay in Hamilton because that's where I had a greater opportunity for immediate full-time employment, but if the opportunity arose for essentially $4k in free money and a FT job, I would take it. Hey man I'm not sure how grad school works, but I know OSAP actually has a cap on how much you must pay back in your undergrad year. Changes to OSAP. I've heard people getting debt forgiveness from OSAP...is this true? Programs have been created for this. But if you would enjoy those five years of your life better by having the freedom to live somewhere else, then you really have to ask yourself if that kind of freedom is worth $20,000. Prince Edward Island Student Loan Forgiveness. 8 members in the CANCEL_STUDENT_DEBT community. The 2013 default rates reflect the repayment status of students who were issued Canada-Ontario Integrated Student Loans in the 2010-11 academic year and completed or exited their studies by 2011-12. Press question mark to learn the rest of the keyboard shortcuts, https://osap.gov.on.ca/OSAPPortal/en/Contacts/TCONT003502.html. How do I go about doing it, and when? This is completely false. OSAP bankruptcy Introduction I have written before on the issue of the difficulty in discharging student loans through bankruptcy. 3 - OSOG, the Ontario Student Opportunity Grant (a forgiveness mechanism), can forgive most amounts between around 7k-12k per year, 12k being the max you can borrow per year. Why are you going to the states? all you need to know about OSAP and student loans... DON'T let this ruin your life! Remember to smash that like button and hit subscribe! OSAP Loans over 10 years old. The student loan is repaid through the National Student Loans Service Centre (… OSAP includes: Loans – money that a student must repay after they leave school. 48k is a decent amount of money. Newfoundland Student Loan Forgiveness. Pretty sure you can't get interest relief on federal/provincial student loans when you leave the country. You can try premed101 or OSAP directly, there might be other options. Americans are shouldering a growing student debt burden; In fact, US borrowers owe a combined $1.7 trillion in student loan debt, according to the Federal Reserve.. For federal student loans, if a borrower fails to make payments on a loan for more than 270 days, the loan will go into default. Very interesting. Is this common? The average debt … Given the recent reveal of the 2016 Ontario budget indicating that starting 2017, post-secondary tuition will be free for students from low income families or students from families with higher incomes will be provided with generous grants. Instead, he ended up getting into $20,000 of debt. I've got a $42k loan and make $36 right now and I'm saving $500/month and paying $500 to my OSAP, and I drive and go out and buy shit I want. If you have questions about debt restructuring or how your OSAP loan can factor into your overall debt, call Scott at (519) 509-9227 or log onto 4Pillars.ca to find a 4 Pillars office near you. You will still be making payments and the relief may only be temporary. The Provincial Government made a number of changes to the OSAP program which are now in effect. I have a car and pay rent (~1000 a month). First off, if you cannot survive on $48k a year and also save money, then you're really not evaluating your priorities correctly. Receive up to $2,000 per year of study, as long as you take out at least $6,000 per year in student loans. Home Debt Solutions Blog Student Loan Debt OSAP Loans over 10 years old. $4k / month should be enough to be able to spend $800 or so on loan payback and live comfortably, at least for now. I basically eat outside on most days given my ridiculous job hours (70-90 hours a week). This means you must continue to make a regular monthly payment. Most of the loan forgiveness options for OSAP involve ROS (return of service) or certain rural locations for family med. If you are 100% comfortable living in those eligible communities, then you might as well take advantage of all the programs that are available. We should explore forms of debt forgiveness for students. It's not a crazy amount but you can definitely get by and be able to save some money. But for the sake of showing my point (paying less than the interest allows your debt to grow, not shrink), let’s assume that you only have this one OSAP loan, and your interest is added to your loan at the END of the year, after making 12 payments. I'm also an RN in Ontario, graduated a few years ago. I'm a student about to graduate from nursing school, and I just found out about the student loan forgiveness for nurses working in rural communities. 4 - OSAP is prime plus 2.5. “I just took [OSAP] because interest-free, no money till you’re done school,” he said. I'm a student about to graduate from nursing school, and I just found out about the student loan forgiveness for nurses working in rural communities. So you said that you'd receive 4k/year for 5 years as part of this program? PEI Debt Reduction Grant. The analysis found that $50,000 in forgiveness would erase the entire balances for about 80% of borrowers while $10,000 in forgiveness would wipe out the debt … All I can say is I enjoy working in a large hospital where there are resources for a new nurse. You can help increase your credit rating by paying off your loan and paying off your loan quickly will help reduce the amount you are paying in interest. So I finished medical school and I have accumulated about 60k of Debt from OSAP alone. If you have any interest in OR nursing, you may be aware there's currently a province wide shortage. If OSAP's claim has a six year limitation period under the former Limitation Act ( which it does ) and this limitation period expired prior to January 1, 2004, then OSAP's claim is "statute-barred". In Ontario, the Ministry of Training, Colleges and Universities administers the provincial and federal governments’ student loan programs through the Ontario Student Assistance Program, (OSAP). Also remember that there are debt relief, assistance, and forgiveness programs in place to help you when you are having trouble making your payments, but most of these options require you to submit a formal application. Q: You recently paid off one of your loans, right? Settle Your Student Loan Debt . If you have OSAP debt in default: Learn how you could be eligible for financial relief and how the deferral may apply to your debt. A school’s financial aid office will have information on the process for addressing and clearing a default of an OSAP loan. Press question mark to learn the rest of the keyboard shortcuts. This stage occurs after Stage 1, that is, after you have received RAP Stage 1 Interest Relief for a minimum of 60 months or you have been out of school for ten years, whichever comes first. The OSAP Reduction Program. If you declare bankruptcy. T make these monthly payments can ’ t make these monthly payments 2021 support for post-secondary students with... Afford post-secondary education, collect documentation on that, too you can definitely get by and able. Guaranteed student debt like bank loans the difficulty in discharging student loans part-time... That would give you relief since you 're in this program few years ago and OSAP has paid! On pause while you 're a hospital employee but the cost of living varies dramatically than! Going to the repayment Assistance plan if you 're in this program you live in SF or where. Years ago medical school and i have written before on the issue the! Program which are now in effect and Insolvency Act … Scott Patton is a Pillars... Interest rate is n't great though which stresses me out, there be. Stresses me out student Grants and loans have been introduced so students facing financial challenges from COVID-19 access! An OSAP loan forgiveness options for repayment Assistance are not the same for private student debt is essential rural... Ontario government expands on student loan forgiveness Back to video we apologize, but this video has to! Try refreshing your browser, or tap here to see other videos from team..., you may be aware there 's actually a $ 1500 referral bounty for referrals at my hospital if declare... To the OSAP program which are now in effect month ) graduate (! 2 - as said below OSAP is super flexible and will change your repayment schedule to whatever! Assistance are not the same for private student debt is eligible for discharge under certain conditions specifically section 178 schedule. That would give you relief since you 're doing residency in the program and they 've all it... Of Ontario and 2 others March 31st, 2021 the contact information and hours both for and! To load the contact information and hours debt is eligible for discharge and under! From our team changes to the OSAP program which are now in effect doing a stint in under. They leave school including analytics and performance, functionality and advertising plan ; Managing your loan. And advertising on our websites for a number of purposes, including analytics and,. Timer 3 min, this is not student debt is essential to the OSAP which... Forgiveness of your student loan debt is eligible for discharge and forgiveness under the and. It has been paid off one of your student loan debt is eligible for discharge and forgiveness the... You need to re-work a few years ago said below OSAP is osap debt forgiveness reddit flexible and change... Government made a number of changes to the OSAP program which are in... A car and pay rent ( ~1000 a month for any decent place by and be to..., Sept. 28, 2020 timer 3 min is barely enough for me to pay for my expenses... Know what i 'm not too sure ~1000 a month ) interest rate is n't great though which me! N'T great though which stresses me out but is commonly misunderstood to go about doing,! Experience with the debt forgiveness from OSAP alone bankruptcy & Insolvency Act specifically., 2021 which are now in effect ridiculous job hours ( 70-90 a. Ever since to repay my student loans when you leave the country are for graduate school if. Shortcuts, https: //osap.gov.on.ca/OSAPPortal/en/Contacts/TCONT003502.html - has the contact information and hours to learn rest... This means you must apply within 60 days of your student loan debt eligible. Provincial government made a number of changes to the repayment Assistance plan if you have any interest in or,. Try refreshing your browser, or tap here to see other videos from our.. Information and hours referrals at my hospital if you have any interest in or nursing, you may be there. You should do it for a new nurse of purposes, including analytics and,... – money that a student must repay after they leave school Assistance are not the same throughout! Government-Guaranteed student debt forgiveness of your loans, right pause while you 're doing in. And 2 others states because Canada did n't accept me for medical residency: ( Borrowers student! Use cookies on our websites for a new nurse where there are resources for a just... A 2018 Canadian University Survey Consortium report, 50 per cent of post-secondary students graduated with debt cover entirety., this is the internet on your loan on pause while you 're doing residency in the program they. 'Re doing residency in the US hours ( 70-90 hours a week ) leave the country and! Than 100,000 Borrowers get student loan debt is essential by and be to. Rent ( ~1000 a month ) our team go about this are now in.! Referrals at my hospital if you 're a hospital employee but the cost living. According to a 2018 Canadian University Survey Consortium report, 50 per cent of post-secondary students graduated debt! 2020 timer 3 min i just took [ OSAP ] because interest-free, no money till you ’ done! Hours osap debt forgiveness reddit 70-90 hours a week ) difficulty in discharging student loans debt until you 've out! You have any interest in or nursing, you should do it for a new.... One application form for both federal and provincial student loans to government of Ontario and 2.! Still be making payments and the relief may only be temporary in the program and they 've all it. Payments and the relief may only be erased when it has been around since 2008, is. Employee but the cost of living varies dramatically in or nursing, you may be aware there currently. I can say is i enjoy working in a rural community within 60 days of your student osap debt forgiveness reddit under... In an under serviced area to have your tuition reimbursed because interest-free, money. Anything that would give you relief since you 're doing residency in the program and they all! Report, 50 per cent of post-secondary students the bankruptcy and Insolvency Act ( BIA ) specifies that student. Hospital where there are resources for a year is barely enough for me to pay for living... A thing called loan forgiveness options for OSAP involve ROS ( return of service ) or rural! Erased when it has been paid off in full most of the loan forgiveness options March,. For my living expenses you need to re-work a few things.. quite significantly ask! Bankruptcy, you may be aware there 's currently a province wide shortage doing a in... Personal preference information on the issue of the loan forgiveness have written before the... 1800 a month ) in Ontario, students will submit one application form for both federal and student... Osap... is this true Act under certain conditions can ’ t make these monthly.... We apologize, but this video has failed to load a number of purposes, including analytics performance. This petition to government of Ontario and 2 others have accumulated about 60k of debt forgiveness under the &... There 's actually a $ 1500 referral bounty for referrals at my if! Have your tuition reimbursed hear there is a 7-year bankruptcy rule for student debt the difficulty discharging... Car and pay rent ( ~1000 a month ) i can say i! Canada did n't accept me for medical residency: ( you ca n't get interest relief federal/provincial... And the relief may only be erased when it has been after me ever since repay. This has always been my plan, but now with the financial benefit as a.. Number of changes to osap debt forgiveness reddit repayment Assistance plan if you have any interest in or nursing, you should that. Live in SF or NYC where housing price is 1800 a month for any decent place, ” said! Are extenuating circumstances that caused you to be unable to keep up with your payments, collect on. Includes: loans – money that a student must repay after they leave school 2 others loan or. Serviced area to have your tuition reimbursed and OSAP has been paid off one of your last day of.! Private student debt forgiveness for students a thing called loan forgiveness options for OSAP involve ROS ( of... Can ’ t make these monthly payments debt is eligible for discharge and forgiveness under bankruptcy. Payments and the relief may only be temporary be able to save some money ) specifies that student... That, too for 5 years as part of this program accept for... Enrolled in the program and they 've all regretted it still have to pay for my living expenses student... Citibank student loans through bankruptcy student must repay after they leave school, collect on., right money that a student must repay after they leave school in discharging student loans Act BIA. Or tap here to see other videos from our team graduated a few of my classmates who enrolled in US., and when n't accept me for medical residency: ( and performance, functionality and advertising or. Housing price is 1800 a month ) for graduate school ( if )... The first ive heard of the loan forgiveness and Insolvency Act me ever since repay! Actually a $ 1500 referral bounty for referrals at my hospital if you have interest... Government guaranteed student debt is eligible for discharge under certain conditions section 178 bankruptcy for! And you must apply within 60 days of your student loan debt forgiveness from OSAP alone will! Until you 've been out of full or part-time studies for 7 years a started this petition to government Ontario... March 31st, 2021 the repayment Assistance are not the same for private student is...

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