Hi everyone,
I was wondering if anyone could help me with this issue, or any one who has experienced a similar problem. I have defaulted on my student loan a couple of years ago. The integrated OSAP loan has been split into two: the Federal and the Provincial. I have made payments to the Federal portion through Human Resources for six months before I could finally be approved for Repayment Assistance Program. The Provincial portion was awful. I had to pay at least half of the whole balance ($3000 of approximate $6000), otherwise they were going to send my file over to the collections agency. I have borrowed from a relative to pay that off, and have now since then been making monthly payments. Despite all that, another problem arose with them: it was that at least the first half of my first year dealing with them, I was using my credit card to make monthly payments and as a result, there was a one year restriction from reapplying for OSAP again (should I choose to go back to schol) from the last month when I made the payment using credit cards (which was March 2013). I have never heard such policy before. Now, since then I've been making payments using a personal cheques, and I intend to pay off the remaining balance sometime this month or next month.
Now I'm planning to go back to school soon, preferably during the summer semester, or in the fall. Now, what are my chances of reapplying for another student loan with OSAP and be successfully approved?
I'm in good standing with both Federal and Provincial. I have two other issues though: I need a letter addressed to my school's Registrar's office explaining my predicament why there was a lack of academic progress (which had resulted into defaulting my loan in the first place), and also apparently there was a loan overpayment that I need to get rid of.
Now, from my understanding, the loan overpayment automatically goes back to OSAP, and since I've been making payments for both Federal and Provincial, the sum paid should cover more than enough of that loan overpayment. I'm very confused and frustrated right now, not to mention scared. If this loan overpayment stands in the way of being approved again, I would have to pay this out of my pocket, and my savings are barely even enough for me to last until I get a job (currently, unemployed, living at home).
So can anyone tell me, exactly the success rate of getting another loan again because I'm very determined to finish my degree (living in poverty is simply soul crushing), and how exactly do I deal with this loan overpayment (or should I even worry about this at all, since from my understanding, by virtue of my making monthly payments to both Federal and Provincial, I've already covered it).
Please help. Thanks for reading.
I was wondering if anyone could help me with this issue, or any one who has experienced a similar problem. I have defaulted on my student loan a couple of years ago. The integrated OSAP loan has been split into two: the Federal and the Provincial. I have made payments to the Federal portion through Human Resources for six months before I could finally be approved for Repayment Assistance Program. The Provincial portion was awful. I had to pay at least half of the whole balance ($3000 of approximate $6000), otherwise they were going to send my file over to the collections agency. I have borrowed from a relative to pay that off, and have now since then been making monthly payments. Despite all that, another problem arose with them: it was that at least the first half of my first year dealing with them, I was using my credit card to make monthly payments and as a result, there was a one year restriction from reapplying for OSAP again (should I choose to go back to schol) from the last month when I made the payment using credit cards (which was March 2013). I have never heard such policy before. Now, since then I've been making payments using a personal cheques, and I intend to pay off the remaining balance sometime this month or next month.
Now I'm planning to go back to school soon, preferably during the summer semester, or in the fall. Now, what are my chances of reapplying for another student loan with OSAP and be successfully approved?
I'm in good standing with both Federal and Provincial. I have two other issues though: I need a letter addressed to my school's Registrar's office explaining my predicament why there was a lack of academic progress (which had resulted into defaulting my loan in the first place), and also apparently there was a loan overpayment that I need to get rid of.
Now, from my understanding, the loan overpayment automatically goes back to OSAP, and since I've been making payments for both Federal and Provincial, the sum paid should cover more than enough of that loan overpayment. I'm very confused and frustrated right now, not to mention scared. If this loan overpayment stands in the way of being approved again, I would have to pay this out of my pocket, and my savings are barely even enough for me to last until I get a job (currently, unemployed, living at home).
So can anyone tell me, exactly the success rate of getting another loan again because I'm very determined to finish my degree (living in poverty is simply soul crushing), and how exactly do I deal with this loan overpayment (or should I even worry about this at all, since from my understanding, by virtue of my making monthly payments to both Federal and Provincial, I've already covered it).
Please help. Thanks for reading.