Finish school and start to repay OSAP
I am going to enter the repayment in coming November and I currently in grace period. I just got a letter from NSLSC about repayment agreement which I need to fill it out and mail back to NSLSC.
But I have some questions about paying back the repayments, could anyone kindly help? I tried to call NSLSC today but I just realized they close on weekend. I have full time work during weekday so it is hard to reach them during that time.
Here are my situation:
Total loan: around $30,000
Minimum monthly payment: around $300
Terms: 114 months
I don't have enough money to pay lump sum and I will not raise my minimum payment, but if I have extra money during a month such as $100, I would like to put in to repayment. I got an answer from NSLSC through email, they said I can pay extra anytime but this answer is not specific enough for me.
So if I pay extra $100 through online banking, will this money go directly to principle without deduction from interest? Do I need to call NSLSC before or after I make extra payment?
When this extra money reduce my principle, how does it affect my amortization period and monthly payment?