Student Loan Relief?

[AEROsport]

Hey,

I have recently finish my commercial flight training funded with Canada Student loans and Alberta student loans. I was wondering if anyone knows of any progams for getting your student loan balance decreased?

Just trying to figure out how I can afford to take the low paying FO job...haha.

Any help is greatly appreciated, thanks!

Jason

[Downwind]

I have no idea on how to get your balance decreased other than paying it off. Although all of the interest paid on a government student loan is a tax write off. They will send you a receipt at the end of each year for all interest paid.

[fingersmac]

In Ontario we have the Ontario Student Opportunity Grant which reduces your principal owing after every year you had a student loan through OSAP (Ontario Student Assistance Program). Of the $20K or so I borrowed over two academic years with OSAP, the grant helped reduce my debt load by over $5K.

I would imagine Alberta would have something similar, but I don't know personally. Perhaps try getting in touch with Alberta Student Loans? I'm sure they have debt counselors available.

[fingersmac]

A quick search on google and I found what I think is a similar program offered in Alberta.

Alberta Student Loan Relief Program

http://www.alis.gov.ab.ca/pdf/studentsf ... rogram.pdf


I'd still suggest talking to someone though. When it came time to pay back my loans, the person I dealt with made it easy to set up the loan payments to fit my budget. They even said if I had trouble paying the monthly installments at anytime, to call them back and they'd help by lowering the monthly installments (which of course means they make more off the interest).

[Jeppesen]

In Ontario for a two term academic year the max money you will have to pay back is $7K. So if you received 10K you will only pay 7K. For a three term academic year the max debt is 10K. In my case I've received 15K or so and I have to pay back only 10K.

[AEROsport]

Thanks for the info so far.