Anyone ever successful at having their student loans forgiven?

[MattGrass]

The time has come, I finally get my B. Ed. from the University of Victoria this Friday :)

Anyways, has anyone here been successfull when applying for debt forgiveness or reduction?

Share your stories if you have em please.

Aaron

[UrbanPoet]

The time has come, I finally get my B. Ed. from the University of Victoria this Friday :)

Anyways, has anyone here been successfull when applying for debt forgiveness or reduction?

Share your stories if you have em please.

Aaron

big ups to you man.

[Immortal]

Congrats... no clue though.

[Jokez Guy]

ye you do get forgiven if you really have a garbage job, buh if u have some nice job then they gonna take every single penny

[mtevie]

you must be kidding, interest kicks in 6 months after u work buddy!!

[elty]

well.. the ontario one said that if u apply interest releif long enough they will write off part of your student loan

[BoxsterS]

This is one of many reasons why I hate paying taxes. If you have the opportunity to work under the table - do it.

[kingsley]

you must be kidding, interest kicks in 6 months after u work buddy!!

I thought it was 6 months after you graduate.

[Agent_J]

you must be kidding, interest kicks in 6 months after u work buddy!!
interest kicks in immediately when you graduate, you just dont have to make the first payment till after 6 months...

[aquariaguy]

It's gonna hurt real bad after you graduate.

[Jokez Guy]

I dont know but my aunt she graduate from seneca college got a degree in programming and she had a ****** programmming job like 8$, and they actually forgave her and said its alright for some payment and cut her some slack, and then all of a sudden she got a better job they aint cuttin her slack no more

[15-20_God]

you have to make a ridiculously low amount (with proof) for them to forgive any part of your loans. Try applying for interest relief first, if you can't qulaify for that then forget about loan forgiveness.

[guest10586]

Interest Relief goes up to 30 months or something. Plenty of time to find a new country to defect to.

[Sylvestre]

just remember this *if* you decide to ask for forgiveness when you really don't need it - you obviously needed money and it was there for you. How would you have felt if you needed cash and it wasn't given to you?

The money you pay back doesn't go into someone's pocket, it goes back to other students in the future who need the cash. Instead of cheating,scamming and finding any which way to avoid/minimize paying back - why not realize you were given an interest free loan to get an education and now it's due. Do the right thing.

[Singh_21]

The money you pay back doesn't go into someone's pocket, it goes back to other students in the future who need the cash. Instead of cheating,scamming and finding any which way to avoid/minimize paying back - why not realize you were given an interest free loan to get an education and now it's due. Do the right thing.

Yup.

Be a man......Do the right fing

[eon90210]

if a man or woman can take the initiative, and is smart enough to save them selves money, using loopholes in the goverment's system, i think they deserve it.

[BuddyGuy]

I dont know but my aunt she graduate from seneca college got a degree in programming and she had a ****** programmming job like 8$, and they actually forgave her and said its alright for some payment and cut her some slack, and then all of a sudden she got a better job they aint cuttin her slack no more

You don't get Degrees from a college. Diplomas yes, degree no.

[lightsocket]

Just stay in school forever. You'll never have to pay those loans.


There's nothing wrong with trying to save a little bit of money

[lightsocket]

There are conjunction programs for getting degrees from a college. ie. Seneca college and University of Guelph have an agreement for a degree program. It's for a pharmaceutical / chemistry degree though. Not for a computer science degree.



You don't get Degrees from a college. Diplomas yes, degree no.

[Kevinck]

If you got your student loan from the NWT government, then they will forgive a certain amount for every year you work in the NWT after graduation. I can't remember the exact amount but that's what my wife did. Unfortuantly that doesn't help anyone who didn't originaly get an NWT student loan.

[rdtx2002]

you can get degrees from Seneca College

[ngjo]

I got $5,000 forgiveness off a $27,000 OSAP. I had a decent job and able to pay back all my OSAP in 2 years.

Since I got those support from the government, I donated money to my University every year for student who need them.

[mark_in_2k]

I also managed to get Loan Forgiveness for about $7500. Can't really remember how it came about as it was a few years ago, but I was told that it's easier to get forgiveness if you're married (which I was).

I think it's because there are then two people in a household so they went a little easier on me.

Maybe it's time to get hitched :D

[guest10586]

I also managed to get Loan Forgiveness for about $7500. Can't really remember how it came about as it was a few years ago, but I was told that it's easier to get forgiveness if you're married (which I was).

I think it's because there are then two people in a household so they went a little easier on me.

Maybe it's time to get hitched :D


How long did you have you loans for and how much were they??

[ngjo]

To get ther forgiveness is easy, the bank supposed to go through this process for you. You don't need to apply on your own. I just called to the student loan office of my bank and make sure they apply to the forgiveness program for me. I got my forgiveness in a few months after I called them. It was like 8 years ago when I did this, so I am not sure if they still go through the same process.

[mtevie]

I thought it was 6 months after you graduate.

6 mths after u have a decent job.

after you graduate? paying with what? sand? if you dont have a job.

[Singh_21]

6 mths after u have a decent job.

after you graduate? paying with what? sand? if you dont have a job.

Interest starts from the day you finish post seconday education and not 6 mths after you graduate or 6 months after you find a job.

[guardianfox]

This is my third year on interest relief. I didn't finish university because, well... the gravy train stopped running and Acadia is more expensive than I could afford. Henceforth I shall be known as the guy who's never been paid more than a quarter more than minimum wage.

I think, according to the documents I've got for my loan, that after five years of interest relief/non-payment... then I'm eligable for debt-reduction/forgiveness or whatever the heck they called it. I'm not aimin for it, I'd rather find a way to pay them back the $20,000 or so... but it's nice to know that one way or another I will be able to get this debt off my hands.

The loan forgiveness/reduction thing is for people who dont look like they're ever going to be able to pay their loan back reasonably. It's not a ticket to a free education... and I dont agree with anyone taking advantage of it. I'm not proud of myself for having to stay on interest relief as long as I have done... and I won't be proud if the time comes I have to ask for some forgiveness. But, at least I'll be in less murky financial waters.


There's one thing I'm really concerned about though. Will this have a huge negative effect on my credit rating? I'm not wealthy but I've been smart enough dealings to get a decent rating for someone who's only twenty-two. What other negative effects will a deal like that have?

[Agent_J]

Interest starts from the day you finish post seconday education and not 6 mths after you graduate or 6 months after you find a job.
see post #9 ;)

[Konowl]

The time has come, I finally get my B. Ed. from the University of Victoria this Friday :)

Anyways, has anyone here been successfull when applying for debt forgiveness or reduction?

Share your stories if you have em please.

Aaron

Uh, be a man and pay it back?

[canabiz]

I'm still on interest relief, 3 years after i officially graduate from university :)

What can i say, i barely make enough $$ for rent and food now, no time for OSAP yet ^_^

Not sure about the loan forgiveness but I'll take whatever the government could dole out LOL

As for the college not granting degrees, i'd beg to differ. Think Royal Military College for example

[dlander]

People who don't pay back their loans are taking money away from those who really need it. There is only so much money in the system. And nobody wants to pay taxes when the system is being abused.

Having said that, folks who are stuck in a $7/hr job do deserve some consideration such as postponement of payments until things get better.

[peppy5]

start paying back your loan now if possible. don't wait for the 6 months to be up. unload all expenses like entertainment, cell phones, internet, whatever you spend money on like going out. a loan should be a loan.

if you bought a car or house and got a loan, people would pay it off if possible, why do some people with student loans try to find ways to not pay?

like many people have said, be a man and pay it off.

congrats on graduating, i too got my BA at UVIC. i didn't get a student loan, i just worked during the year and also in the summer.

my wife erased a 30,000 student loan in just under two years by working and not spending any money except for rent and food. she penny pinched and did go on interest relief when she qualified for 6 months.

[ajmccaus]

you must be kidding, interest kicks in 6 months after u work buddy!!

Actually interest kicks in immediately. Payments kick in after 6 months.

I got an automatic forgiveness based on financial need. I still owe way too much, though. It'd be nice to find out how to erase some more.

[ajmccaus]

Uh, be a man and pay it back?

Yes, a man. Men are STRONG. Me a MAN. Me pay back student loan! (Sarcasm).

[v00d00]

Well *THE MAN* should stop screwing Canada over and leaving every college/university grad with a huge debt burden... no wonder people want to take off and go the states to make some real cash.. at least they can pay off their loans faster/easier.

It's unacceptable that it should cost so much to get an education.. the willing and those whom maintain good enough marks should be getting a "free ride" through school.. and I'm not talking about these lame little $1500 bursaries/scholarships.

Also.. it's what.. 10yrs before you can claim bankruptcy on student loans? What kind of crock is that.. when you claim bankruptcy all debts are supposed to be equal in priority.. none more important than others.. what makes "student loans" so special that they can't be included.

Although people immediately claiming bankruptcy after getting their degrees and thereafter getting a well paying job is just wrong.. I think the 10 year wait time is also unacceptable. It should be on a case by case basis.. those who are in such financial difficulty should have the ability to erase all debts through bankruptcy. Those who are just looking for a cheapskate way to save cash shouldn't be allowed.

Canada is a great country.. but in this instance, it's disgusting. (IMO)

[firehawk12]

At least Canada doesn't have a private school system, or one year at UofT would cost 50 grand.

People assume University is right though, but unfortunately, it's not.

[weedb0y]

it is a right for who have the intellects to do it. If no1 went to Unis, then our proud country will have a bigger brain drain than it already has.

For eg, UoFT's deregulated programs cost about $8-9gz/year already with just tutition. Then books and other things come.

[Paksis]

The time has come, I finally get my B. Ed. from the University of Victoria this Friday :)

Anyways, has anyone here been successfull when applying for debt forgiveness or reduction?

Share your stories if you have em please.

Aaron


It's never forgiven it is just extended. If you walk into a good paying job congrats and pay off the loan asap. Borrow if you can. If you are not going to get a good paying job welcome to Hotel student debt Hell where you can always get a room but can never leave. The payments stretch out forever and the principal never goes down. If that is the case after a year or so then default and get an unlisted number. Don't bother applying for a loan or CC for the next 6 years either.

[guest10586]

Its not the governments fault that Universities don't know how to stay within a budget. Lets face it, they spend it on a lot of junk to say the least.

[Shaf]

I don't see the point of this thread. Why would you get a student loan, use the money to educate yourself and then look for ways to get out of paying the money that YOU borrowed?

It seems pretty unethical to borrow money and then not want to pay it back. Whether you get a job or not after you graduate is not anyone's problem - you should still have to pay it back.

[coolpc]

I don't see the point of this thread. Why would you get a student loan, use the money to educate yourself and then look for ways to get out of paying the money that YOU borrowed?

It seems pretty unethical to borrow money and then not want to pay it back. Whether you get a job or not after you graduate is not anyone's problem - you should still have to pay it back.

agreed.. i think the only way out was to work really hard during school so u get all kinds of scholarship and awards, so you wont have to apply for osap!

[guest10586]

Its not that no one wants to pay it back. Its just that some people find that their degrees are basically useless and doesn't warrent the 20k+ loan. You spent 4+ years and over 20k on a degree. Would you really want to dedicate another 4+ years paying it off?

[v00d00]

Would you really want to dedicate another 4+ years paying it off?
Wow, I *WISH* I could have my student loan paid off in 4years!

As for it being unethical.. people are going bankrupt everyday.. That's just what happens when your debts are too high and your income is too low. Why should student loans be exempt for that "New Beginning"? No instead you bare the burden for as long as it takes you to pay it back (plus interest).

It's stupid that supposedly young people pay a ton of money to get "educated" in the hopes of getting a high paying job, so that they can earn a good income and pay lots of taxes and make Canada a better country.. yet we give them no support after, infact we tax them a hefty prime + 2% (I think?).

[dirkpitt]

Most provinces have a maximum allowable debt burden from post secondary education. After I graduated in Alberta, I applied for and received a generous amount of remission because my total student loans were much higher than this maximum.

I believe this is the site for the remission program in British Columbia: http://www.aved.gov.bc.ca/studentservices/student/finish/debt_red/remission.htm


Well *THE MAN* should stop screwing Canada over and leaving every college/university grad with a huge debt burden...
Hmm. :confused: Perhaps you don't file for your tax return either?


It's unacceptable that it should cost so much to get an education.. the willing and those whom maintain good enough marks should be getting a "free ride" through school.. and I'm not talking about these lame little $1500 bursaries/scholarships.
You should probably look into the percentage of your tuition that your Provincial government has already covered before you speak harshly of what you have received--the amount that you paid is a fraction of the total cost for your education.

[ngjo]

Wow, I *WISH* I could have my student loan paid off in 4years!

I paid off my 22K OSAP in 2 years.

[webdoctors]

wid politicians stealing from da gov, in this case BILLIONs (mulroney, chretien, Martin etc.) is it wrong to emulate them ? :P

:cheesygri

lets get loan forgiveness, if lawyers/doctors/businessmen can claim bankruptcy, so should students be able too :)

[thelefteyeguy]

so you would like to screw the gov and canadians for OSAP AND collect the tuition tax credit???

damn you know how much taxes you will save in the next 2+ years with 27K in tuition tax credit assuming nothing was applied for the past 4 yrs.

scum.

[thelefteyeguy]

wid politicians stealing from da gov, in this case BILLIONs (mulroney, chretien, Martin etc.) is it wrong to emulate them ? :P

:cheesygri

lets get loan forgiveness, if lawyers/doctors/businessmen can claim bankruptcy, so should students be able too :)

...problem with that was almost every student was claiming bankruptcy in the past...

[TrevorK]

Well *THE MAN* should stop screwing Canada over and leaving every college/university grad with a huge debt burden... no wonder people want to take off and go the states to make some real cash.. at least they can pay off their loans faster/easier.

It's unacceptable that it should cost so much to get an education.. the willing and those whom maintain good enough marks should be getting a "free ride" through school.. and I'm not talking about these lame little $1500 bursaries/scholarships.

Also.. it's what.. 10yrs before you can claim bankruptcy on student loans? What kind of crock is that.. when you claim bankruptcy all debts are supposed to be equal in priority.. none more important than others.. what makes "student loans" so special that they can't be included.

Although people immediately claiming bankruptcy after getting their degrees and thereafter getting a well paying job is just wrong.. I think the 10 year wait time is also unacceptable. It should be on a case by case basis.. those who are in such financial difficulty should have the ability to erase all debts through bankruptcy. Those who are just looking for a cheapskate way to save cash shouldn't be allowed.

Canada is a great country.. but in this instance, it's disgusting. (IMO)


Education is NOT expensive.

I graduated with NO DEBT and so do many others because we choose to work hard while in school.

Why should we support the people who go to school and treat it as one big party (Which most people would if it were even cheaper)?

[MattGrass]

TrevorK, I graduated with some people who were able to do the same thing and thats great.

In my situation, I should be able to pay off my loans by an estimated date of 2017, when my oldest son graduates. I went to school with three kids and a wife who had just started a good paying nursing job working fulltime. Unfortunately, my wifes job was cut by our provincial government due to cutbacks and that hurt quite a bit $$ wise.

I am not asking for ways to cheat the system. But I see nothing wrong with using all the loopholes or procedures that are out there for people to use in order to lower my debt load due to student loans so that I can move more money towards other things like buying a house for my family.

I have worked weekends at a sawmill for the entire time Ive been in school for $23/hr plus fulltime in the summer. I have also worked other jobs during this time as well. At the same time my wife has worked fulltime since she got her nursing degree and we have paid off her loans by tightening the belt. One concern is that we can only tighten the belt so much before it hurts our ability to help save for our three boys future education and then they have to enter into the same borrow/payback circle we went through.

But hey, this is my life and I made my decisions so you live with em. The good news is I have been working as a teacher on call for the last couple of weeks making some money with my education.

Aaron

[stevethewheel]

MattGrass. Cool of you to share your story. It's tough that there are a lot of people looking for scams.

My experience here is that you are doing 'too well' to get a break from the government, but not well enough to be able to do the things you want like save for your future (or your kids).

I guess said another way there aren't enough people in your situation to be a political force that the government would have to accomodate.

Do you own a home? Maybe another way to get a break from the burden of repayment is to roll it into a mortgage which allows you to spread repayment out over 20+ years.

[Singh_21]

Suck it up and pay back what you owe.

[trinacathcart]

Education is NOT expensive.

I graduated with NO DEBT and so do many others because we choose to work hard while in school.

Why should we support the people who go to school and treat it as one big party (Which most people would if it were even cheaper)?

My apologizes to those ignorant people who believe that we all chose not to work while in school. I was unable to work while getting my degree because I was recently divorced and a newly single mother. I chose to get a degree along with $50,000 in Student loans. Yes it IS expensive, but essential. So I too worked hard, but at motherhood. And i am trying my best to keep up with loans, but yes it is very hard. So wouldn't you agree it is a bit of a generalization to assume that all people who receive loans treat it as one big party. Come on now, Grow up

[boo4842]

You should probably look into the percentage of your tuition that your Provincial government has already covered before you speak harshly of what you have received--the amount that you paid is a fraction of the total cost for your education.

I live in Ontario, and Ontario spends less as % of their budget than any other provicne or state in North America, and pretty much any country in the western world. I guess we should all be thankful that they pay anything as you suggest. Its dissapointing that Canada and Ontario in particular do not see education as a priority for spending. In fact , new york state pays TWICE what ontario does for education as a % of their budget.

How much was minimum wage in Ontario 10 years ago? Like $6.40, what is it now - $7. How much has tuition gone up in the same period? 250%? More? Even if you work while going to school, its a simple fact that even working full time at min wage, won't even pay for tuition in some programs for a year. Thats working full time! No money for food, rent and bills etiher.

But I'm not really complaining. I have an EU passport and went to school in Ireland for 3 years. Student debt - $0.

[v00d00]

Education is NOT expensive.

I graduated with NO DEBT and so do many others because we choose to work hard while in school.

Why should we support the people who go to school and treat it as one big party (Which most people would if it were even cheaper)?
Congratulations on finishing with no debt, my gf did as well.. yeah her parents paid for it all. Unfortunately you, my gf, and the "many others" are not the majority... most students are graduating with huge debts to repay.

If education is so cheap.. or "NOT expensive" as you say, why doesn't the government just pay for it? They pay for plenty of other things for people that are plenty more useless. The fact is education *IS* expensive... that's why they have setup all kinds of student lines of credits, and Student Assistance Programs.. because it's NOT CHEAP.

It's unreasonable to expect Canadian students to go to higher education while slamming them with huge debt burdens... it's just friggin learning! They are supposed to get educated so they can get a good paying job and pay more in taxes.. the Government *SHOULD* be helping out a bit more if they want something better for Canada.

How's this idea, subsidize students for free tuition and residence as long as they will maintain a specific grade point average and agree to work in Canada for 10years after they finish school. I don't know of other places, but I know NWT offers a similiar program where they will subsidize your education as long as you will live and work in the NWT for a specific length of time after graduation.. ya know what, it's friggin brilliant!

I have little sympathy for a country that hits it's future tax payers with huge education debts and then cries when they leave to the USA for the better paying jobs. Here's an idea for them, stop complaining and think of a way to stop the brain drain.

By the way, what's so wrong with having fun and partying at college/uni if you are keeping your grades up and will graduate with a piece of paper that says you learned something?

[v00d00]

But I'm not really complaining. I have an EU passport and went to school in Ireland for 3 years. Student debt - $0.
Yeah I'm glad to hear of so many other developed countries who have realized the real value of education and don't attempt to hinder their kids with enormous debt burdens after completion (or even if you don't finish school).

It's pathetic that in Ontario that if you work your a$$ off in school the best you can get is a few bursaries totalling a small fraction of your entire expenses.. that's weak.

They *SHOULD* be paying the full way for smart kids who want to work hard in school.

But I'm long out of school now.. so what do I care, right? I'm a greedy selfish bastard, so of course I think our heavy taxes should be going towards more useful things like the gun registry or our perfect health care system.. or maybe to fixing roads so I can ride more comfortably in my big gas guzzling SUV that is never used for Sport or Utility... but mainly to drive my fat butt to the hospital to get some of that free health care everytime I get a sniffle.

[9mmCensor]

if a man or woman can take the initiative, and is smart enough to save them selves money, using loopholes in the goverment's system, i think they deserve it.
I think that people have been given a great chance at something they would not be able to do without it. The chance at recieving education, and furthering themselves. Other people deserve that chance too. Let them have a chance, just like you did.

[Agent_J]

It's unreasonable to expect Canadian students to go to higher education while slamming them with huge debt burdens... it's just friggin learning! They are supposed to get educated so they can get a good paying job and pay more in taxes.. the Government *SHOULD* be helping out a bit more if they want something better for Canada.

How's this idea, subsidize students for free tuition and residence as long as they will maintain a specific grade point average and agree to work in Canada for 10years after they finish school. I don't know of other places, but I know NWT offers a similiar program where they will subsidize your education as long as you will live and work in the NWT for a specific length of time after graduation.. ya know what, it's friggin brilliant!

I have little sympathy for a country that hits it's future tax payers with huge education debts and then cries when they leave to the USA for the better paying jobs. Here's an idea for them, stop complaining and think of a way to stop the brain drain.
wow that's a great idea v00d00! I wish you were in government :)

[TrevorK]

If education is so cheap.. or "NOT expensive" as you say, why doesn't the government just pay for it? They pay for plenty of other things for people that are plenty more useless. The fact is education *IS* expensive... that's why they have setup all kinds of student lines of credits, and Student Assistance Programs.. because it's NOT CHEAP.

The portion that the student is expected to pay is cheap.

The portion that the government pays already is not.

You do realize how much they already subsidize schooling right?



It's unreasonable to expect Canadian students to go to higher education while slamming them with huge debt burdens... it's just friggin learning! They are supposed to get educated so they can get a good paying job and pay more in taxes.. the Government *SHOULD* be helping out a bit more if they want something better for Canada.

It's not unreasonable to help students out with loans.

It is unreasonable to forgive them so they don't have to pay. There is an overabundance of jobs out there, and it's not the governments responsibility to hand you one when you graduate.



How's this idea, subsidize students for free tuition and residence as long as they will maintain a specific grade point average and agree to work in Canada for 10years after they finish school. I don't know of other places, but I know NWT offers a similiar program where they will subsidize your education as long as you will live and work in the NWT for a specific length of time after graduation.. ya know what, it's friggin brilliant!

Stupidiest idea I've ever heard.

With waitlists at the height they are for universities (At least in Alberta) they have an abudance of people willing to go (And pay for) university.

The reason NWT would have such a program is because they already have a hard time keeping workers.



I have little sympathy for a country that hits it's future tax payers with huge education debts and then cries when they leave to the USA for the better paying jobs. Here's an idea for them, stop complaining and think of a way to stop the brain drain.

And I have little sympathy for students who decide to take taxpayers for a free ride because of their laziness.



By the way, what's so wrong with having fun and partying at college/uni if you are keeping your grades up and will graduate with a piece of paper that says you learned something?

Nothing.

As long as you aren't bitching and moaning that you weren't able to work while in school and that it costs to much.

[TrevorK]

My apologizes to those ignorant people who believe that we all chose not to work while in school. I was unable to work while getting my degree because I was recently divorced and a newly single mother. I chose to get a degree along with $50,000 in Student loans. Yes it IS expensive, but essential. So I too worked hard, but at motherhood. And i am trying my best to keep up with loans, but yes it is very hard. So wouldn't you agree it is a bit of a generalization to assume that all people who receive loans treat it as one big party. Come on now, Grow up

Why couldn't you work while going to school? My cousin works, and goes to school fulltime while taking care of her daughter....

I work with a single mother (Never married - so no spousal support payments), with two kids who goes to school while working fulltime without any loans.

But that's beside the point.


There are some people who need student loans - and that's what the system is for. But for people who plan properly and manage their money there is no reason to graduate with a large debt (I can understand graduating with some money owing on a line of credit, but not a huge yearly loan).

I've yet to see someone who decided to plan properly for the expense of school and manage their money that needed a student loan.