Yesterday Was Your Last Day to Save Up to $10,000 on Your Canada Student Loans. Yes, we feel your pain...

Jeannine Mitchell - Fri, 07/24/2009 - 05:05

                                                                    AUGUST UPDATE:



IF YOU MISSED THE DEBT REDUCTION DEADLINE MENTIONED BELOW, DON'T DESPAIR. CANADA STUDENT LOANS HAS A DEBT REDUCTION ELEMENT IN ITS NEW RAP PROGRAM. THAT PROGRAM OFFICIALLY STARTS TODAY (August 1,2009)

 
At writing, we're waiting for Canada Student Loans to send us promised details about their new RAP program (Repayment Assistance Plan).
 
As soon as these arrive, Debt 101 will publish much more about RAP.
 
In the meantime, we will start with RAP 101 and RAP 201.

 
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                                                               ORIGINAL POST (JULY):
  
Today is your LAST DAY to apply for Debt Reduction on your Canada Student Loans before this aid program is toast!
 
We are doing a count-down on Debt 101.
 
You may qualify -- even if you've been turned down in the past.
 
Debt Reduction can cut up to $10,000 off your Canada Student Loans.
 
This federal program is ending. This is your last chance to apply!
 
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More Info:

 
Posting about Debt Reduction ending and what will replace it: click here and click here.
 
Are you eligible for federal Debt Reduction (DRR)?  To save time, do a quick check here.

To see the full details of official rules, click this page in 'The REAL Aid Rules.'
 
For a government link explaining DRR, click here. Note: their list of criteria is not complete and contains a misleading statement on the question of bankruptcy. See Debt 101's clarification on links from this page and from the Debt 101 article What if I Declared Bankruptcy?
 
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What if I Can't Get My Application Form from My Lender?
 
 
Your Debt Reduction application form is here.
 
Note: if you have trouble accessing the Debt Reduction form above, make sure your browser is Javascript-enabled. If you still have problems, download the form from the CanLearn link right here.
 
Quick Tips: Keep your fax transmission record... and call to be sure they saw your fax!
Include your SIGNATURE and any other detail requested on the form!  
 
 
 
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To Increase Your Chances:
 
 
Please use the helpful tips posted here.
 
 
THEY MUST RECEIVE YOUR APPLICATION BY JULY 31, 2009!
 
 
                                                                  JULY 30 UPDATE
 
 
IF YOU ARE TOO LATE TO COURIER OR DELIVER (BY END OF BUSINESS DAY), A FAX -- TIME-STAMPED JULY 31 AT ANY HOUR -- MAY BE ACCEPTED, WITH A NOTE THAT YOUR ORIGINAL DOCUMENTS ARE BEING SENT SEPARATELY. THIS CAN'T BE GUARANTEED. BUT SOME OFFICIALS ADVISE THIS RATHER THAN GIVING UP.  
  
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WHILE FEDERAL DEBT REDUCTION AND INTEREST RELIEF WILL END, THERE WILL BE A NEW PROGRAM TO HELP LOW-INCOME PEOPLE WITH THEIR CANADA STUDENT LOANS.
 
IT'S CALLED RAP (REPAYMENT IN ASSISTANCE) AND DOES HAVE SOME GOOD FEATURES.
 
                                                   DEBT 101 WILL DISCUSS RAP IN DETAIL NEXT MONTH.  
 
                                                   RAP WILL NOT BE AVAILABLE FOR BC STUDENT LOANS.
 
 
 
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Questions? Just register and ask in the forum!
 
 
Debt 101 is a non-profit community service to help you successfully manage your student loans. While we strive to give you full and official details, your lender and government services must be the final word on all points. Your use of this website means that you understand and agree to our terms of service