Lugging around a huge student debt load ? Need help repaying it? You may qualify for help or even total forgiveness. First there is an interest relief period, that can help you through a rough patch. However, there are times that call for total loan forgiveness. In certain situations, the federal and provincial governments will forgive the entire loan. If you have a permanent disability that restricts your ability to work, and you've exhausted your entire interest relief period, you can apply to have all your loans forgiven. Remember to apply for forgiveness on both federal and provincial loans.
Province Specific Programs:
Here are a few examples of Province Specific Programs:
Ontario has a Ontario Student Opportunity Grant. This grant automatically reduces an Ontario student's debt load to $7,300 for a two-term academic year and $10,950 for a three-term academic year.
In B.C., The Pacific Leaders Program allows any provincial government employee with loans in good standing to have their entire loans gradually forgiven at a rate of one third per year, leaving them debt free at the end of three years. Also in B.C., medical practitioners working in publicly funded facilities and meeting certain criteria can have their loans forgiven in the same manner. Medical professions include: nursing, speech therapy, audiology, midwifery and psychology, etc. (Click here for full list and details.)
Call your provincial loan office for loan forgiveness programs in your province.
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