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Repayment Assistance
CSLP offers a number of programs to assist students who find themselves facing financial difficulty during repayment. Among these programs are:
Interest Relief
Interest Relief is designed to help students meet repayment obligations if they are temporarily unable to make payments on their government student loans because of unemployment or low income. Interest Relief is granted for periods of six months, up to a maximum of 30 months. Some exceptions, such as Canadian residency, may apply. Students may also be eligible for a further 24 months of Extended Interest Relief. Once approved for Interest Relief, students are not required to make payments on either the monthly interest or the outstanding principal of their loan(s) (the federal and/or provincial government will pay the interest on a student's behalf).
Debt Reduction in Repayment
Debt Reduction in Repayment is designed to help students facing long-term financial difficulties manage the repayment of their Student Loan(s). DRR lowers the principal amount of a loan, thereby reducing the monthly loan payment to an affordable level based on family income. A student can receive up to three reductions (totalling up to $26,000) on their Canada Student Loan principal during their lifetime, depending on financial circumstances.
Revision of Terms
Revision of Terms is a feature that provides students with the flexibility to manage loan repayment in a way that is responsive to individual situations. It can be used to decrease the monthly payments by increasing the repayment period (from the standard 10 years up to 15 years) should a student find the standard terms difficult to maintain. It can also be used to increase loan payments by reducing the repayment period, allowing more rapid repayment of a loan.
Permanent Disability Benefit
Permanent Disability Benefit allows for the reduction of loans for students who are experiencing exceptional financial hardship due to a permanent disability. The eligibility criteria varies based on date of loan negotiation and lender. A recent Access to Information request indicated that over 60% of applicants to this program were denied loan forgiveness.
These programs are currently under revision and will gradually be replaced by the Repayment Assistance Program beginning in August 2009.
To qualify for these programs one must be a resident of Canada. Graduate students who are studying abroad and have exceeded their maximum allowable weeks of study do not qualify for any assistance in repaying their loans. Neither do other Canadians who no longer reside in Canada.
AF Sitemap
- Education Topics
- Achievement Gap
- Alternative Education
- Assessment & Evaluation
- Educational Leadership
- Educational Philosophy
- Educational Research
- Educational Technology
- Educational Videos
- Education Economics
- Education Environment
- Education Issues
- Education Policy
- Education Psychology
- Education Reform
- Education Theory
- Education Worldwide
- Federal Education Legislation
- Homeless Education
- Homeschooling in the United States
- Migrant Education
- Neglected/Deliquent Students
- Pedagogy
- Sociology of Education
- Special Needs
- National Directories
- After School Programs
- Alternative Schools
- The Arts
- At-Risk Students
- Camps
- Camp Services
- Colleges & Universities
- Counties
- Driving Schools
- Educational Businesses
- Financial Aid
- Higher Education
- International Programs
- Jewish Community Centers
- K-12 Schools
- Language Studies
- Libraries
- Organizations
- Preschools
- Professional Development
- Prom Services
- School Assemblies
- School Districts
- School Field Trips
- School Health
- School Supplies
- School Travel
- School Vendors
- Schools Worldwide
- Special Education
- Special Needs
- Study Abroad
- Teaching Abroad
- Volunteer Programs
- Youth Sports
- For Schools
- Academic Standards
- Assembly Programs
- Blue Ribbon Schools Program
- Educational Accreditation
- Educational Television Channels
- Education in the United States
- History of Education in the United States
- Reading Education in the U.S.
- School Grades
- School Meal Programs
- School Types
- School Uniforms
- Special Education in the United States
- Systems of Formal Education
- U.S. Education Legislation
- For Teachers
- Academic Dishonesty
- Childcare State Licensing Requirements
- Classroom Management
- Education Subjects
- Educational Videos
- Interdisciplinary Teaching
- Job and Interview Tips
- Lesson Plans | Grades
- Professional Development
- State Curriculum Standards
- Substitute Teaching
- Teacher Salary
- Teacher Training Programs
- Teaching Methods
- Training and Certification
- For Students
- Academic Competitions
- Admissions Testing
- At-Risk Students
- Career Planning
- College Admissions
- Drivers License
- Educational Programs
- Educational Television
- Educational Videos
- High School Dropouts
- Higher Education
- School Health
- Senior Proms
- Sex Education
- Standardized Testing
- Student Financial Aid
- Student Television Stations
- Summer Learning Loss