Personal Finance

is there any way to not pay back OSAP?

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May 6, 2011
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TORONTO

is there any way to not pay back OSAP?

currently on interest relief, are there anyways to not pay back OSAP? i was thinking once you are on interest relief long enough they will wipe away a portion of the debt?
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Sep 26, 2007
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paying back osap is ultimately up to you.
you don't have to pay them back just as you don't have to buy a car or a home.
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xlfe wrote:
Jul 29th, 2011 2:17 pm
paying back osap is ultimately up to you.
you don't have to pay them back just as you don't have to buy a car or a home.

Thanks for the laugh! OSAP never goes away. It cannot be discharged in bankruptcy either. Currently the gov't runs their own collection agency to deal with outstanding OSAP. They have recently been after folks as long out as 10-15 years who thought they were in the clear.

OP, there is no way to get out of paying back your OSAP. Interest relief is long gone, I can only assume you mean you are on repayment assistance program (RAP). Read up on the new program as it gears your payments to income and caps the time to repay. At a certain point it will begin to make payments towards your principle as well...
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bellou wrote:
Jul 29th, 2011 2:11 pm
currently on interest relief, are there anyways to not pay back OSAP? i was thinking once you are on interest relief long enough they will wipe away a portion of the debt?

If you are deceased they will not require you to pay it back. Other than that there is no ethical way.
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Jul 27, 2004
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looks like death is your only way out OP.
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May 6, 2011
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CSK'sMom wrote:
Jul 29th, 2011 2:23 pm
Thanks for the laugh! OSAP never goes away. It cannot be discharged in bankruptcy either. Currently the gov't runs their own collection agency to deal with outstanding OSAP. They have recently been after folks as long out as 10-15 years who thought they were in the clear.

OP, there is no way to get out of paying back your OSAP. Interest relief is long gone, I can only assume you mean you are on repayment assistance program (RAP). Read up on the new program as it gears your payments to income and caps the time to repay. At a certain point it will begin to make payments towards your principle as well...

i am currently living paycheck to paycheck so there is no extra money at the end of the month to pay OSAP, what are my options?
.
"We are Jadacha hermaphrodites ... either sex at will." - Scytale

A Face Dancer is a type of human. A servant caste of the Bene Tleilax, Face Dancers are shapeshifters, and their name is derived from their ability to change their physical appearance at will.

The Bene Tleilax are a major power in the Imperium.
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Jun 25, 2008
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Maybe your parents can pay it off while paying for your apartment.
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Oct 2, 2005
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bellou wrote:
Jul 29th, 2011 2:11 pm
currently on interest relief, are there anyways to not pay back OSAP? i was thinking once you are on interest relief long enough they will wipe away a portion of the debt?

you kinda remind me the people who party the hardest and loudest in the freshman year. what kind of irresponsible person are you? the government has good faith to lend you the money, and you want to default? and you put ur money on movie ticket, restaurants, new clothes, rent, toys before the debt. shame on you.
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bellou wrote:
Jul 29th, 2011 2:51 pm
i am currently living paycheck to paycheck so there is no extra money at the end of the month to pay OSAP, what are my options?

spend less
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bellou wrote:
Jul 29th, 2011 2:51 pm
i am currently living paycheck to paycheck so there is no extra money at the end of the month to pay OSAP, what are my options?

I reject your premise based on my doubt that you're employable.
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Jul 21, 2011
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BEWDLEY
From the repayment assistence site;
"If you are already paying back your loan and are having difficulty, you may be eligible to apply for the Repayment Assistance Plan as well.

Under the plan, you would make affordable payments based on your family income and family size. The affordable payment increases gradually with your income and can't exceed a maximum of 20 percent. Borrowers with very low income are not required to make any payments until their income increases.

The plan also guarantees that if you keep your loan in good standing, your loan will be paid off over a maximum of 15 years and over a maximum of 10 years for borrowers with permanent disabilities.

To enrol in the program, you need to apply through the National Student Loans Service Centre. A single application will give you access to both the new Ontario Repayment Assistance Plan and the Federal Repayment Assistance Plan. However, you must re-apply for the plan every six months."

Pretty much sums up the help available. Contrary to what you have been told already, you CAN include student loans in a bankruptcy, but they must be 10 years old.

If you are asking because you experience financial hardhsip and are in need of help, contact the loan centre or contact a lawyer/trustee... if you're asking 'cuz well dude loans totally suck and yu'd like way rather spend yer dough on kool stuffz than on payin back the stoopid loans' then suck it up. If you didn't want to pay it back, you shouldn't have borrowed the money.
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15-20_God wrote:
Jul 29th, 2011 2:24 pm
looks like death is your only way out OP.

...well or move out of the country and never come back again.

Good thing i saved up enough to pay off the entire thing right after i grad.
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Jan 7, 2003
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You borrow tax payers' money, and you don't want to pay it off? You should be really ashamed to ask this type of questions in a forum. :mad:
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dux wrote:
Jul 29th, 2011 5:53 pm
You borrow tax payers' money, and you don't want to pay it off? You should be really ashamed to ask this type of questions in a forum. :mad:

Don't worry, this is all a ruse. He's been asking all sorts of random questions over the past several weeks trying to get a rise out of RFD (should his parents pay for his apartment, why do nannies make so much money, etc...)
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Feb 17, 2007
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dux wrote:
Jul 29th, 2011 5:53 pm
You borrow tax payers' money, and you don't want to pay it off? You should be really ashamed to ask this type of questions in a forum. :mad:

Just so that you know, some people are proud to be walking away from their obligations.

Look at the US housing market lol. People actually brags about not paying their mortgages and still in the house for over a year or 2.

And how hard is to get OSAP? The Ontario government is willing to give it to anyone that applies.
As long as you can prove that your family income is low enough.
Now we have a lot of poor people graduating from University without a job.

Taking out OSAP for non educational purposes for expenditures such as clubbing, video games, partying is very common these days. My brother changes his smartphone every 6-month for god's sake. He paid full prices for them too. He was unemployed before, during, and after University. And he was able to dine out everyday, and buy tons of video games and consoles.

In the olden days, poor people worked very hard.
They worked a few years to save up money for education. Even during their 3-4 years of study period, they also worked part time.

With the easy credit extension policies, the cost of tuition rises with it. I am now paying around 5-6k in tuition and books each year even though I am doing part time studies. I work full time by the way. It is putting some burden on people that do not want to take out loans for education.
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