Loan Forgiveness

[chathamf]

Hey Guys,

So last spring I finished school, and this fall I am back but just part time. I managed to go this year without a student loan so I just got my paperwork on paying it back.

Now I recall hearing from people about student loan forgiveness. Does anyone have any experience with this? Do you have to apply for it? Just wondering how I can find out how much I have been forgiven (if at all) and what I gotta do so lessen some of this debt!

Any words of advice would be great, thanks guys.

[littledan]

i honestly hate the concept of student loan forgiveness. i worked hard in high school and in summers to cover the cost of my tuition and books and lived at home with my parents and took the friggen bus. meanwhile, some of my friends were taking out the max amount of loans, buying laptops, alpine v12 amps (yeah i'm that old) and GICs, and getting a large portion of that loan "forgiven." so basically they were leeching off the fed gov't, which i had been paying my income taxes to. the student loan system needs to be reformed IMO. I know many of the students need these loans to pay for living expenses and tuition, but it seems there is also lots of abuse going on. ah well, at least i graduated debt free

[dimi]

Its pretty messed up that taxpayers have to subsidize the education of those who chose to not work and max out their debt limit. Just another government program that promotes irresponsibility.

[max_boost]

This doesn't apply to me but how does that loan forgiveness thing work? Wouldn't you have to prove to the government you are having problems paying your bills? I can't imagine just anyone can apply for it.

[rage2]

I don't get it either, you have to overspend on a degree to get free money haha. Anyways, here are the minimum student loan debts to qualify:

http://www.debt101.ca/student-loan-a...ta-loan-relief

Application Form:

http://www.debt101.ca/sites/default/...relief2011.pdf

Not sure how much you get back though. Seems like everyone that graduates, and meets the minimum debt level gets free money.

Originally posted by max_boost
This doesn't apply to me but how does that loan forgiveness thing work? Wouldn't you have to prove to the government you are having problems paying your bills? I can't imagine just anyone can apply for it.

There's a loan forgiveness if you become disabled and can't work for a long time. You can get your whole student loan forgiven over several years if you qualify.

[max_boost]

Interesting. It is free money. lol

[Mar]

So it's a handicap for those bad at math basically?

[Tik-Tok]

Originally posted by chathamf
and what I gotta do so lessen some of this debt!

You could try paying it back with money earned from your job? That's what I did, and it worked awesome.

Or you could go down and hang out with the "Occupy Calgary" freeloaders, and yell to the buildings about loan forgiveness, and free education.

[rage2]

Originally posted by Tik-Tok
You could try paying it back with money earned from your job? That's what I did, and it worked awesome.

Or you could go down and hang out with the "Occupy Calgary" freeloaders, and yell to the buildings about loan forgiveness, and free education.

Seriously tho, there's a program for a completion repayment, it's there, so you'd be stupid not to take advantage of it.

Still curious why such a program exists. Looks like it's a reward for graduating.

[dirtsniffer]

ya! fucking students taking on too much debt. fuck them.
and trades people should totally not be on employment insurance while they are in school! what a waste of money...

you guys are also forgetting the thousands of dollars a year students receive in federal and provincial grant money

[-relk-]

Originally posted by rage2

Looks like it's a reward for graduating.

In that article you posted it said you can get some back even if you did not graduate.

[Nakadah]

That's gay!!!

[KISS_ME]

the deduction is automatic as far as i can remember. i remember contacting the loan center in may to ask about my tab and it noted at ~20k. fast forward 6 months when i got my first bill the tab was noted at 15k and i didn't have to do shit. 25% off for school, now thats a sweet gig

[r3ccOs]

Originally posted by dirtsniffer
ya! fucking students taking on too much debt. fuck them.
and trades people should totally not be on employment insurance while they are in school! what a waste of money...

you guys are also forgetting the thousands of dollars a year students receive in federal and provincial grant money

How about trades that are seasonal, and being able to collect EI during their "off" season...

its fricken Canada, Winter is like half the year, how the hell do trades get away with:

declaring the tax maximum amount to collect maximum EI, then working the rest for cash, and sit on their ass for half a year?

Anyways, thread hijacking...

I think post secondary eventually should be subsidized, but the Govt should not be paying for people's mistakes.

[Tik-Tok]

Originally posted by r3ccOs

Anyways, thread hijacking...

I think post secondary eventually should be subsidized, but the Govt should not be paying for people's mistakes.

See, that's my problem with this "loan forgiveness". Post secondary is already HEAVILY subsidized. Why the fuck should they be "forgiving" any amount loans for a bunch of jackass's who just party their whole time in Uni. then drop out? Or waste their first two years because they don't know what they want to do, and change majors? (Not that I'm saying you're one of these people OP, but it boils me to think of the rest)

[D'z Nutz]

Originally posted by Mar
So it's a handicap for those bad at math basically?

Sweet, you lucked out. It'll give you something to look forward to when you complete your degree in marthmatics!

[J-hop]

Originally posted by Tik-Tok


See, that's my problem with this "loan forgiveness". Post secondary is already HEAVILY subsidized. Why the fuck should they be "forgiving" any amount loans for a bunch of jackass's who just party their whole time in Uni. then drop out? Or waste their first two years because they don't know what they want to do, and change majors? (Not that I'm saying you're one of these people OP, but it boils me to think of the rest)

I personally agree with the loan forgiveness. Mostly because the only people I know that received it, really needed it. There are some that are like what you've described, but a lot more that work their ass off only to come out the other side much worse (financially) than when they went in and not necessarily have a job lined up due to the economy etc.

On the flipside my GF was able to do a 4 year degree with a minor (4.0 GPA the whole way!) and not have to take out a single loan, she also worked 4 nights a week + 1 day on the weekend and had zero free time though. She pretty much burnt out after that and I wouldn't recommend that route to anyone...

[skd]

I think loan forgiveness is fair enough for those who deserve it. I worked 3 jobs and went to school full time so I don't incur so much debt. 2 years and now I'm burnt out and need to concentrate more on school so im only working one job. It'd be nice to get my student loans 25% off. Not gonna lie. some people need it.