What is the best way for me to take care of these student loans by may?

[haqq]

So I got my documents today,
I' owe 7500 and change on a 5.5 annual interest (not sure what did exactly means)
I work 25-30hours a week making $12/hr.
I want to go back to school by May, with a $0 loan balance... Is this possible?

[canguy9999]

So I got my documents today,
I' owe 7500 and change on a 5.5 annual interest (not sure what did exactly means)
I work 25-30hours a week making $12/hr.
I want to go back to school by May, with a $0 loan balance... Is this possible?

No way possible unless you can find a better paying job or money else where. Even with a better paying job its probably near impossible for you. You need to be pulling in a little over $625 a week and have no other expenses. This is ball parked at around a salary of $40,000+ a year.

[iEyeCaptain]

You will need to repay approximately $2,500 per month to pay it off.

If you make $12 for 30 hours per week, you make $1,440 a month. Pre-tax.

Therefore, it is impossible assuming your only source of income is your job.

[haqq]

Aprox. How much of it will I have paid off by then including taxes?

Because I had a rough two years in uni last couple years, family issues - I completly tanked my studies and now I'm sitting here with this debt.

I plan to go back to school in May and will need to reapply to OSAP. But afraid to do so with that loan and my history of tanking school... I'm pretty sure they will reject me.

So I assumed if I pay most of it off I by near then I will have a better chance of being accepted.

[iEyeCaptain]

Aprox. How much of it will I have paid off by then including taxes?

Because I had a rough two years in uni last couple years, family issues - I completly tanked my studies and now I'm sitting here with this debt.

I plan to go back to school in May and will need to reapply to OSAP. But afraid to do so with that loan and my history of tanking school... I'm pretty sure they will reject me.

So I assumed if I pay most of it off I by near then I will have a better chance of being accepted.

OSAP doesn't care about your history of tanking, but the school you're applying to might.

They definitely won't care about you're $7.5k loan outstanding.

[canehdianman]

Aprox. How much of it will I have paid off by then including taxes?

Because I had a rough two years in uni last couple years, family issues - I completly tanked my studies and now I'm sitting here with this debt.

I plan to go back to school in May and will need to reapply to OSAP. But afraid to do so with that loan and my history of tanking school... I'm pretty sure they will reject me.

So I assumed if I pay most of it off I by near then I will have a better chance of being accepted.

If you can't figure this information out for yourself, I'm not sure your experience at University will get better this time around.

Maybe find a nice trade (something that doesn't require math)

[haqq]

OSAP doesn't care about your history of tanking, but the school you're applying to might.

They definitely won't care about you're $7.5k loan outstanding.

Oh really thats good news then, so its not osap but rather the school who has the final say.

If you can't figure this information out for yourself, I'm not sure your experience at University will get better this time around.

Maybe find a nice trade (something that doesn't require math)

Trades generally require math genius.

[1xTiMeR]

Trades generally require math genius.

He is right you know... This is very simple deductive math.

[briankwok]

He is right you know... This is very simple deductive math.

Haha, that just brought a smile to my face.

IF it's OSAP, you can always defer it...and just pay it off as you go since you're planning on going back to school.

[vaportrails]

If he's let the loans fall into arrears, OSAP won't let him do anything unless he works it out with them first.

[fuzzy_avocado]

I'd be the happiest person in the world if I only had 7500 to pay off! OSAP loans are interest free for 6 months after the last month you took post-sec studies full-time though?

[Cheap Asian]

I'd be the happiest person in the world if I only had 7500 to pay off! OSAP loans are interest free for 6 months after the last month you took post-sec studies full-time though?

False! You do not have to make any payments for the first 6 months of graduation. After 6 months, they make you pay monthly installments. Interest begins to accrue on the day you graduate!

[fuzzy_avocado]

False! You do not have to make any payments for the first 6 months of graduation. After 6 months, they make you pay monthly installments. Interest begins to accrue on the day you graduate!

lol, actually you are wrong. Interest doesn't accrue on the day you graduate, it accrues 6 months after you last were enrolled in a full-time program. Example: done school in April, but graduation is in june. That's only 2 months, so interest starts end of october/beginning november.

[Cheap Asian]

lol, actually you are wrong. Interest doesn't accrue on the day you graduate, it accrues 6 months after you last were enrolled in a full-time program. Example: done school in April, but graduation is in june. That's only 2 months, so interest starts end of october/beginning november.

"If you complete your studies on or after August 1, 2010 your Ontario Student Loan will be payment and interest-free during your 6-month grace period. Your federal loan will be payment free too, but interest will accrue. Payments can be made during the grace period if borrowers wish to start paying their loans earlier. "
Source: https://osap.gov.on.ca/OSAPPortal/en...ions/index.htm

[millow]

"If you complete your studies on or after August 1, 2010 your Ontario Student Loan will be payment and interest-free during your 6-month grace period. Your federal loan will be payment free too, but interest will accrue. Payments can be made during the grace period if borrowers wish to start paying their loans earlier. "
Source: https://osap.gov.on.ca/OSAPPortal/en...ions/index.htm

Uhhh I'm pretty sure my federal loan was only a couple hundred bucks while the ontario one was several thousand