If your family income falls below a certain amount per month, you may be eligible to make no payments on your student loans for a period of 6 months.
| Family size | Income threshold |
|---|---|
| 2 | $3,254 |
| 3 | $4,205 |
| 4 | $4,959 |
| 5+ | $5,652 |
Also question is, are student loans forgiven after 15 years?
Student Loan Forgiveness: President Trump’s Plan
Under Trump’s plan, if you are a student loan borrower, your monthly student loan payments would be capped at 12.5% of your income. After 15 years of monthly payments, your remaining student loan debt would be forgiven.
Similar to the Canada RAP program, the Alberta RAP helps graduates who are struggling to make their monthly payments. This program reduces or eliminates your student loan payments. You have to reapply every six months.
Simply so, does EI count as income rap?
EI or Workers’ Compensation income is: considered to be earned income and.
How can I reduce my OSAP debt?
You can also lower your payments by extending your repayment period up to 174 months. That will make your payment smaller but you will pay more interest. To reduce your payments below the minimum amount or if you do not wish to change your payment terms online, contact the NSLSC.
How do I get OSAP forgiven?
Each term of repayment assistance is for 6 months. To remain eligible to apply, borrowers must keep their loans in good standing. After 15 years since full-time studies, any remaining student loan debt is forgiven. For students with disabilities, any remaining debt is forgiven after 10 years.
How do I qualify for repayment assistance?
Eligibility for the Repayment Assistance Plan
- be in repayment status on the loan,
- be in good standing on the loan,
- not be restricted from Alberta RAP due to failing to make previous RAP Affordable Payments,
- not have had the loan included in a bankruptcy,
How long is repayment assistance?
As long as you remain eligible for RAP the balance of your loan is gradually paid off and repayment obligations will not exceed 15 years (or 10 years for persons with permanent disabilities) after leaving school.
How much do you need to qualify for rap?
Gross Monthly Family Income Threshold for Zero Affordable Payment
| Number of Family Members | Gross Monthly Family Income |
|---|---|
| 1 | $2,083 |
| 2 | $3,254 |
| 3 | $4,205 |
| 4 | $4,959 |
What is repayment assistance program?
The Repayment Assistance Plan (RAP) was created to help if you have difficulty repaying your student loan. This program gives you available repayment options to help you manage your payments and avoid defaulting on your loan.
Who qualifies for rap OSAP?
You may be eligible for the Repayment Assistance Plan (RAP) if: you’re currently repaying an Alberta and/or Canada student loan. your student loans are in good standing. you’re having difficulty making payments.