Sunday, June 21st, 2009
How to get rid of my student loan?
IShNA asked:
I got a loan from CIBC 6 yrs ago, i heard that some of the portion is forgiven if you don’t pay.
is that true??
I got a loan from CIBC 6 yrs ago, i heard that some of the portion is forgiven if you don’t pay.
is that true??
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June 24th, 2009 at 7:29 am
no. some portion of your loan could have been forgiven if you qualified for the Ontario Student Opportunity Grant (for OSAP recipients) and in other provinces there are other forgiveness programs but pretty much all of them say that your loans must be in good standing in order to qualify.
If you haven’t paid, then the full amount of your loan is past due and you are probably in a collection agency and the interest on your overdue loan is accruing.