To pay just a portion of your loan (i.e. only the Provincial amount), you have to send a cheque and a letter stating you are only paying one portion of your loan (along with loan number and signature) to their head office. That's what the customer representative told me.
𝟮𝟬𝟮𝟯 𝗨𝗣𝗗𝗔𝗧𝗘𝗦: 2:26 - As of Nov 2022 Canada Student Loan Interest is now permanently 0% yay! 😍 1:54 - OSAP loans now no longer accumulate Interest until after the Grace Period, NB provincial loans are now at 0% interest. 12:01 - Updates by province: ua-cam.com/users/shortsAFJa2MPWWl0?feature=share 𝗧𝗼𝗽𝗶𝗰𝘀 𝗖𝗼𝘃𝗲𝗿𝗲𝗱: 0:00 - Intro 0:50 - What happens to NSLSC loans after you graduate? 2:23 - Interest rates: Fixed vs Floating 4:30 - Repayment Terms 5:33 - Should I consolidate student loans to the LOC? 10:24 - Programs to accelerate loan repayment 16:48 - What if you can’t pay loans off? 𝗥𝗲𝘀𝗼𝘂𝗿𝗰𝗲𝘀: 1. TUITION TAX CREDITS/Student Taxes Simplified: ua-cam.com/video/fq7uBQmlrkc/v-deo.html 2. UofT Financial Aid Office Module: emodules.med.utoronto.ca/DCemo... 3. NSLSC Student Loans Presentation: players.brightcove.net/245679... 4. Loan Interest Calculator: www.calculator.net/loan-calcu... 5. Student Loan Interest Tax Credit Calculator: www.debt101.ca/taxcredit If you’re an instructor who would like to access my slides, please reach out on: Twitter: twitter.com/stephanieyzhou Instagram: instagram.com/breakingbad...
This is very informative to me and I’m not even in med school. I’m trying to apply to law school and I was wondering how will I pay off my loans. I used osap for my undergrad and masters degrees so loan consolidation is a concept I never knew of!!
can you please tell me, what happen if i decide to not continue with the program? and whats the next step should i do? and how calculate my loan? the due for repay that? please
Thanks for making such an informative video but I really wants to know which private lender are the best for international students Do you have any suggestions?
Thanks for such a concise and straightforward video about loan repayment! I was wondering, would you know if other people could help make payments towards one's national student loan? For my case I'm a family doctor who has paid off my loan, but my wife still has a federal student loan. I still have room to take advantage of the rural loan forgiveness program, and was hoping it could be used towards her loan. Would you know if there's a way to do this (e.g. being power of attorney for her loan)? Thanks!
For the rural loan forgiveness program - it's not a lump sum amount that gets paid to you, it is automatically deducted from your federal loan and wouldn't be transferrable to another person's loan. If you're making extra income and want to help your wife, you an always gift her money for her loan or loan her your money and she can pay you interest.
Hi Music Enthusiast, it depends on the Caribbean school! OSAP has a search tool to see if your school is eligible: osap.gov.on.ca/SchoolSearchWeb/search/school_search.xhtml
Great video One part was unclear for me If I "consolidate" my loan by paying off the entire OSAP amount with my LoC, does that affect my Tuition Credit? Or will my tuition credit remain that same? Thanks
If it's the Canada Student Loan then you won't be charged interest even if you didn't pay it right away. If it's OSAP, then interest starts to accumulate when your studies end in July but they won't ask you to start paying until November. If you paid those OSAP loans right away then no you won't be charged interest.
While student loans are usually used for tuition, many students often use loans for other expenses from school such as dorm fees, textbooks, moving and food expenses to name a few...
Hi Muntaha, if you go back to full time studies you would need to apply for the Continuation of Interest-Free Status. For more info, to see if you're eligible, and the application visit: osap.gov.on.ca/OSAPPortal/en/A-ZListofAid/PRDR019241.html
After graduating from my online class for Office Administration Assistant, this July, 2022, I started applying even for online jobs only but all the companies wish to have full time employees. I realized that my health is failing due to some underlying ailments like kidney disease, hypertension and diabetes with gout arthritis, my joints and muscles began to ache and with my age, 78 years old, no company is willing to employ me. My problem now is the repayment of my loan. I am jobless and have no income up to this time. My children advised me to go home to the pPhilippines because the cold weather here in Canada could cause more deterioration to my health. How can I repay my loan in January, 2023 with my situation?
Hi Cherrybell, sorry to hear about your situation. I would recommend giving NSLSC a call to ask about repayment assistance. This is the link for more info: www.canada.ca/en/services/benefits/education/student-aid/grants-loans/repay/unable-repay.html
Hey, in Ontario you can only declare bankruptcy on your loans if you meet certain criteria: you have to be out of school for at least 7 years, or if you've been out of school for less than 7 years but more than 5, you can apply to the Court under hardship provisions. For more info: ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/you-owe-money/you-owe-money-student-loans-and-bankruptcy
Fulfilling the New Brunswick Government's commitment to make post-secondary education more affordable, as of November 1st, 2022, interest on the NB portion of Canada-New Brunswick integrated student loans has been eliminated. This change benefits all current and future borrowers.
To pay just a portion of your loan (i.e. only the Provincial amount), you have to send a cheque and a letter stating you are only paying one portion of your loan (along with loan number and signature) to their head office. That's what the customer representative told me.
Thanks for the update Jaslin! Really helpful!
Whom to write the check for?
𝟮𝟬𝟮𝟯 𝗨𝗣𝗗𝗔𝗧𝗘𝗦: 2:26 - As of Nov 2022 Canada Student Loan Interest is now permanently 0% yay! 😍
1:54 - OSAP loans now no longer accumulate Interest until after the Grace Period, NB provincial loans are now at 0% interest.
12:01 - Updates by province: ua-cam.com/users/shortsAFJa2MPWWl0?feature=share
𝗧𝗼𝗽𝗶𝗰𝘀 𝗖𝗼𝘃𝗲𝗿𝗲𝗱:
0:00 - Intro
0:50 - What happens to NSLSC loans after you graduate?
2:23 - Interest rates: Fixed vs Floating
4:30 - Repayment Terms
5:33 - Should I consolidate student loans to the LOC?
10:24 - Programs to accelerate loan repayment
16:48 - What if you can’t pay loans off?
𝗥𝗲𝘀𝗼𝘂𝗿𝗰𝗲𝘀:
1. TUITION TAX CREDITS/Student Taxes Simplified: ua-cam.com/video/fq7uBQmlrkc/v-deo.html
2. UofT Financial Aid Office Module: emodules.med.utoronto.ca/DCemo...
3. NSLSC Student Loans Presentation: players.brightcove.net/245679...
4. Loan Interest Calculator: www.calculator.net/loan-calcu...
5. Student Loan Interest Tax Credit Calculator: www.debt101.ca/taxcredit
If you’re an instructor who would like to access my slides, please reach out on:
Twitter: twitter.com/stephanieyzhou
Instagram: instagram.com/breakingbad...
Update on Provincial loan forgiveness programs: ua-cam.com/users/shortsAFJa2MPWWl0?feature=share
Very informative. Thank you so much!
Thank you for watching and leaving a note!
thanks for this! thinking of signing up for a loans so this was helpful
This is very informative to me and I’m not even in med school. I’m trying to apply to law school and I was wondering how will I pay off my loans. I used osap for my undergrad and masters degrees so loan consolidation is a concept I never knew of!!
Financial literacy curriculum! Where have you been all my medical life!
It's fairly new - I gave the first lecture for it in 2020 so that's why you may not have gotten those lectures when you were a student!
Thank you so much for this detailed video.. it’s so overwhelming understanding everything.
You're welcome! Glad it was helpful!
Thank you so much for your video!! It gives me so much information! Good to know it ahead ✨
Thanks for your support! Glad to see it was helpful!
can you please tell me, what happen if i decide to not continue with the program? and whats the next step should i do? and how calculate my loan? the due for repay that? please
Thanks for making such an informative video but I really wants to know which private lender are the best for international students
Do you have any suggestions?
Thanks for such a concise and straightforward video about loan repayment! I was wondering, would you know if other people could help make payments towards one's national student loan? For my case I'm a family doctor who has paid off my loan, but my wife still has a federal student loan. I still have room to take advantage of the rural loan forgiveness program, and was hoping it could be used towards her loan. Would you know if there's a way to do this (e.g. being power of attorney for her loan)? Thanks!
For the rural loan forgiveness program - it's not a lump sum amount that gets paid to you, it is automatically deducted from your federal loan and wouldn't be transferrable to another person's loan. If you're making extra income and want to help your wife, you an always gift her money for her loan or loan her your money and she can pay you interest.
Very informative content 👍 💯
Thank you Carlos!
@@BreakingBadDebt Much Obliged.
I have a question, is there a possibility to get in touch with you to discuss financial debt?
My situation is that I did not have student loan, it was a credit line so I guess it would no apply?
Thank you very much Dr. Steph! Are students still eligible if they go to a carribean school?
Hi Music Enthusiast, it depends on the Caribbean school! OSAP has a search tool to see if your school is eligible: osap.gov.on.ca/SchoolSearchWeb/search/school_search.xhtml
Great video
One part was unclear for me
If I "consolidate" my loan by paying off the entire OSAP amount with my LoC, does that affect my Tuition Credit? Or will my tuition credit remain that same?
Thanks
Your tuition credit would still remain the same even if you paid it off with your LOC
@@BreakingBadDebt thank you!
Thanks for this
This is awesome! Thank you
Glad it was helpful! Thanks for your support!
Can a parent pay for their kids' student's loan ?
Does anyone know how I can access my payment history?
Thank you
Thanks 👌
My study is ending in July if I pay loan right away, will I be charged interest?
If it's the Canada Student Loan then you won't be charged interest even if you didn't pay it right away. If it's OSAP, then interest starts to accumulate when your studies end in July but they won't ask you to start paying until November. If you paid those OSAP loans right away then no you won't be charged interest.
Does student loan include dorm fees?
While student loans are usually used for tuition, many students often use loans for other expenses from school such as dorm fees, textbooks, moving and food expenses to name a few...
Hi I have a question. If i go back to full time studies and taking osap again will nslsc stop my previous loan repayment?
Hi Muntaha, if you go back to full time studies you would need to apply for the Continuation of Interest-Free Status. For more info, to see if you're eligible, and the application visit: osap.gov.on.ca/OSAPPortal/en/A-ZListofAid/PRDR019241.html
What if I pay all my loans just after graduation within 6 months?
If you have the income to pay off your loans, that's great! Just note your federal loans are presently interest free.
After graduating from my online class for Office Administration Assistant, this July, 2022, I started applying even for online jobs
only but all the companies wish to have full time employees. I realized that my health is failing due to some underlying ailments like kidney disease, hypertension and diabetes with gout arthritis, my joints and muscles began to ache and with my age, 78 years old, no company is willing to employ me. My problem now is the repayment of my loan. I am jobless and have no income up to this time. My children advised me to go home to the pPhilippines because the cold weather here in Canada could cause more deterioration to my health. How can I repay my loan in January, 2023 with my situation?
Hi Cherrybell, sorry to hear about your situation. I would recommend giving NSLSC a call to ask about repayment assistance. This is the link for more info: www.canada.ca/en/services/benefits/education/student-aid/grants-loans/repay/unable-repay.html
Can a person go bankrupt on their student loans? And what happens if a person doesn't pay back their loans?
Hey, in Ontario you can only declare bankruptcy on your loans if you meet certain criteria: you have to be out of school for at least 7 years, or if you've been out of school for less than 7 years but more than 5, you can apply to the Court under hardship provisions. For more info: ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/you-owe-money/you-owe-money-student-loans-and-bankruptcy
@BreakingBadDebt Ok, thank you for the information. Great video, by the way.
Fulfilling the New Brunswick Government's commitment to make post-secondary education more affordable, as of November 1st, 2022, interest on the NB portion of Canada-New Brunswick integrated student loans has been eliminated. This change benefits all current and future borrowers.
Thanks for the update Rodrigo!
Are you in medical school?
Nope! Already graduated a couple years ago!!
Chị là người viet nam phải không ạ
Also, do you have social media. I wanted to ask some more questions over Instagram