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OSAP repayment


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#1 vals

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Posted 01 November 2012 - 06:45 PM

My repayment starts this month and Im still not working. Interviewing this week for minimum wage retail work which is appalling and sad, but what else can I do? No jobs in my new field = stupid me for not doing more research! Anyway, has anyone used the student loan extension before? If so was the interest added extreme? Im considering applying for it until I start taking in a decent wage. I just don't want to add $192/month to our bills without an extra income. Its totally doable, but would cut into our emergency fund and savings and I dont want to do that. Suggestions appreciated thanks :)

#2 Kris

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Posted 01 November 2012 - 07:12 PM

I am currently doing repayment assistance. I can not afford to pay 300 a month repayment. They approved me twice now for 6 months each time. I have yet to pay anything. I am worried about the interest as well but with me not working and us living on Dh's wage we can not do 300 a month

#3 Jill

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Posted 02 November 2012 - 11:15 AM

When you do debt repayment assistance the government is paying the interest, so there is no extra accruing. I've been doing this.. The problem is, though, that the government is not paying DOWN my loan, so though it's helping to not have to pay it, it's not lowering the principle at all, so I still owe the full amount whenever I start paying it.

I have payed some myself along the way, but will being on mat leave now, and making less already, I really don't feel I can be paying the 300$ a month on top of the loss we already have. It sucks, but it's like. If I want to be home with my daughter, I have to do it. Small sacrifice overall, for sure.

Edited by Jill, 02 November 2012 - 11:15 AM.


#4 vals

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Posted 16 November 2012 - 12:23 PM

Looks like we won't be approved for any assistance. I just spoke with a representative and I guess the midian monthly family income for my family size is less than $3400/mth. They do not take into consideration living cost vs wage, so once aain the working poor get screwed. Not sure wht to do now? I feel like I completely screwedmy family overby going back to school. Such a mess!