Quick OSAP help please

I'm graduating & OSAP wants money (about $16,000) on May 1 2007.

I worked over the summers and saved enough money BUT

I really need the money and want to know if there is a way to not incure interest asap (interest relief) or if i can negoitate to decrease my laon.

So is there anything anyone could tell me to do...I did some searching about the loan forgiveness...

is there any advantage of paying right away over negoiating to lower it after cuz i really need the money to depend on living on my own.

Is it correct that if i pay it right away that i am eligble for loan forgiveness...

PLEASE HELP

& how would this all relate taxes with osap...is there some ideas someone figured out that would like to share?

Here's a summary of what i have on the osap site if it helps u people see if i'm eligble for anything...

2002-2003 Academic Year
Oct 2002 Canada-Ontario Integrated Student Loan $4,5xx
Dec, 2002 Canada-Ontario Integrated Student Loan $3,0xx
May, 2003 Canada-Ontario Integrated Student Loan $3,5xx
Academic Year Totals: $11,xxx
2003-2004 Academic Year
Aug, 2003 Canada-Ontario Integrated Student Loan $5,3xx
Academic Year Totals: $5,3xx
Grand Total: $16,3xx

you can apply for the interest relief program if you have low income. You dont have to pay interest on the loan for up to maximum 30 months [ renewed each 6 months ]. I dont know the exact requirements but its is possible to get accepted for that program.

Or apply for the 0% for (15k) 15 months mbna credit card pay all the money to the osap and u have 15 months to come up with the money to pay the credit card. Be advised if you cant pay the 15k before 15 months you will pay 19% interest on them.

Originally Posted by Benny

I'm graduating & OSAP wants money (about $16,000) on May 1 2007.

I worked over the summers and saved enough money BUT

I really need the money and want to know if there is a way to not incure interest asap (interest relief) or if i can negoitate to decrease my laon.

So is there anything anyone could tell me to do...I did some searching about the loan forgiveness...

is there any advantage of paying right away over negoiating to lower it after cuz i really need the money to depend on living on my own.

Is it correct that if i pay it right away that i am eligble for loan forgiveness...

PLEASE HELP

& how would this all relate taxes with osap...is there some ideas someone figured out that would like to share?

Here's a summary of what i have on the osap site if it helps u people see if i'm eligble for anything...

2002-2003 Academic Year
Oct 2002 Canada-Ontario Integrated Student Loan $4,5xx
Dec, 2002 Canada-Ontario Integrated Student Loan $3,0xx
May, 2003 Canada-Ontario Integrated Student Loan $3,5xx
Academic Year Totals: $11,xxx
2003-2004 Academic Year
Aug, 2003 Canada-Ontario Integrated Student Loan $5,3xx
Academic Year Totals: $5,3xx
Grand Total: $16,3xx

Theres nothing u can negotiate so forget that.

If your problem is that you need your savings, there is no problem. Nobody is asking you to pay now or asking you to pay the whole thing, you have a grace period, and even then your monthly payment is just a bit higher than your cell phone bill, I am sure you can manage.

You can forget about loan forgiveness, soonest u can be eligible is after 5 years of interest relief. Paying early does nothing but make you have less debt which is good.

If your problem is paying interest, well that everyones problem. You can choose to pay it all off if you want to.

If you make low income, apply for IR after your grace period, thats all you can do. Forget about trying to get free money, if you were eligible for grants you would of been considered and have it applied already.

I just paid back OSAP and it feels great...although i was short a few hundred dollars which i borrowed off my sis...

i got osap for 2 years...came to $17, 1xx... BUT NOW I'm BROKE!

at least it will help my credit score...

Originally Posted by Benny

I just paid back OSAP and it feels great...although i was short a few hundred dollars which i borrowed off my sis...

i got osap for 2 years...came to $17, 1xx... BUT NOW I'm BROKE!

at least it will help my credit score...

not sure paying back all at once will help your credit score or not.

i would never pay it back at once... its only prime+1%

my loan is integrated so its prime + 2.5...the csr said anything after 2001 is integrated i believe

Originally Posted by BBQPorkBun

You can forget about loan forgiveness, soonest u can be eligible is after 5 years of interest relief. Paying early does nothing but make you have less debt which is good.

From what I know Loan Forgiveness is not valid anymore if you've received OSAP recently. The new plan is Ontario Student Opportunity Grant (OSOG) at least for ppl in Ontario. And it will be determined at the end of the year that you borrowed money. So I'm not sure if your 5 year figure is correct. It should be much faster than that.