The Repayment Assistance Plan is a new federal program that promises to help make student loan payments more affordable, and to eliminate student debt more quickly. Here is a brief overview of the program, how it works, and who is eligible.
What the Repayment Assistance Plan Promises:
- No student will have a repayment period of more than 15 years
- Students with a permanent disability will have a maximum repayment period of 10 years
- Payments will be affordable, based on the student's income and family size
- These payments should not present a hardship for the student
- No payment will be required from students with very low incomes
- Students should not pay more than 20 percent of their income towards loans covered by this program
Eligibility Criteria for the Repayment Assistance Plan:
- Students are not automatically enrolled, and must apply for this program
- Students must be a resident of Canada
- Students must have received their Consolidated Loan Agreement
- Students must be unable to afford their calculated monthly student loan payment
The Plan has two stages, designed to help students repay their loans within 15 years.
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