Wish me luck....

iVillage Member
Registered: 04-07-2003
Wish me luck....
4
Thu, 10-21-2004 - 5:26pm

I am applying for a program here in Canada that could potentially reduce my student loan principal from $16000 down to $11000.

It would be as good as winning $5000, so I'm not expecting to be accepted, but it doesn't hurt to try. I should know in a few weeks.

Wish me luck!



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Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Thu, 10-21-2004 - 5:39pm
Good luck with it!

Becky -

iVillage Member
Registered: 07-06-2003
Thu, 10-21-2004 - 7:28pm

Good luck from one Canuck to another!

What is this program are you referring to?

Kassandra

Kassandra

"It is said that life has its peaks and valleys.  The challenge is to accept them equally and experience them

Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Thu, 10-21-2004 - 8:20pm

gOOD luck to you.

MYM

iVillage Member
Registered: 04-07-2003
Thu, 10-21-2004 - 10:21pm

It is called the Debt Reduction in Repayment program. If you qulaify, you can get up to $10,000, OR 50% of your FEDERAL loan principal (whichever is less) knocked off. You need to have been out of school at least 5 years, AND exhausted all of your interest relief.

They look at all of your income for the past year, rather than just 3 months (like for interest relief). It sounds too good to be true, so I'm not really expecting to get it, as I probably make JUST over the max income allowable, but it never hurts to try!



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