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Rembourser le RAF ÉO

Rembourser le RAF ÉO. When Do I Start Repaying?. Once you have completed your full-time studies (60% course load) Interest accrues on the Canada loan portion of your student loans as soon as you leave full-time studies ( but not the Ontario part)

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Rembourser le RAF ÉO

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  1. Rembourser le RAFÉO

  2. When Do I Start Repaying? • Once you have completed your full-time studies (60% course load) • Interest accrues on the Canada loan portion of your student loans as soon as you leave full-time studies ( but not the Ontario part) • You have a 6 month Grace Period when you can elect to make payments or not. All accrued interest ( on the Canada loan portion) will still be added to your account.

  3. How Much Do I Owe? • Look on the NSLC website, not the OSAP website. • The OSAP website tells you how much has been ISSUED, not how much you owe. ISSUED funds include bursaries, grants etc that you don’t have to repay. • The NSLC website tells you how much you owe from loans, minus any Ontario Student Opportunity Grant

  4. What Do I Have to Do? You have to sign a loan consolidation agreement (repayment schedule) within six months of completing your full time studies

  5. This agreement will: • Put yearly loans into one big loan • Tell you the total you owe and the interest rate • Tell you when your first payment is due • Tell you how many payments you will have to make, and when • Tell you the amount of each payment If you have Canada loans received before August 1, 2000 or Ontario Student Loans received before August 1, 2001, you must sign another consolidation agreement with the financial institutions holding those loans.

  6. How Much Is Interest? • Prêt étudiant du Canada= Taux préférentiel +2,5% • Prêt étudiant de l’Ontario= Taux préférentiel +1,0% • Habituellement, la portion du prêt étudiant du Canada est de 60 % • Taux fixe= taux préférentiel + 5 % • Le taux préférentiel était de 3 le 10 février 2011

  7. Should I Choose a Fixed Rate or a Floating Rate? FIXED RATEis a stable rate of interest. Payments will always be the same… but rate is currently higher! This option is not available for the Ontario part of an integrated loan. • Choose a fixed rate if the prime is low when you consolidate FLOATING RATE is a rate that varies over time with the prime rate. Prime goes up: your payments go up. Prime goes down: your payments go down. • Choose a floating rate if prime is high when you consolidate

  8. Comment payer • Par chèque • Par paiement pré-autorisé, vos paiements sont retirés directement de votre compte bancaire chaque mois • Envoyez un « formulaire de prélèvement unique » pour faire une paiement en une somme globale

  9. If You Don’t Pay… Should you default on your loan, the NSLSC, your financial institution and the Government of Canada or Ontario, will take steps to recover the debt, which may include reporting you to a credit agency, using a private collection company, and/or taking legal action

  10. How to Save Money • Faites des paiements élevés – ces derniers feront baisser directement votre capital et vous vous retrouverez à payer moins d’intérêts • N’effectuez pas que le paiement minimum, doublez-le dès le départ. Votre remboursement ne prendra que la moitié du temps et vous paierez beaucoup moins d’intérêts. • Pour l’exemple suivant, l’étudiant futé a économisé 5013 $ :

  11. You can play with the repayment calendar on the CanLearn website: www.canlearn.ca Click on the “Loan Repayment Calculator” button.

  12. Having Trouble Repaying Your Loan? • The National Student Loan Service Centre knows that sometimes making payments on your loan can be difficult. There are programs available to help you if you’re unable to make a payment.

  13. Repayment Assistance Programme Low income? You can contact the NSLC to participate in this programme that looks at your income and ensures that you don’t have to pay more than 20% of your income to your student loan. Approval of your application is based on your gross family income, your family size, and the principal owing on you student loan. Repayment Assistance Estimator online at www.canlearn.ca Apply through the National Student Loan Centre

  14. Tax Receipts • Since 1998 the interest you pay on your student loan is tax deductible • Payments applied to loan principal and payments made by the government on your behalf (eg: Interest Relief) do not qualify for income tax credit • Income tax receipts will be sent to you each year along with your Annual Loan statement • The income tax receipt will show the amount of interest you have paid during the tax year

  15. Rembourser le RAFÉO Questions?

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