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Free Debt Consolidation
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Depending on the level of financial hardship you are experiencing, you are eligible to negotiate debt relief options through RAP. Through this program, the government will help you repay your student loan following strict eligibility criteria.
You can take advantage of this program if:
Stage 1 – Interest Relief
Available up to 60 months or until you reach 10 years of being out of school, whichever comes first. In this stage, the amount you pay will be allocated first towards your principal loan amount and any excess will be applied towards the interest monthly.
The Ontario Government or the Federal Government will shoulder the monthly interest that will not be covered by your payments.
Stage 2 – Debt Reduction
At this stage, anyone with a permanent disability can apply directly without going through Stage 1 of RAP. However, for most cases, you need to go through stage 1 first before getting eligibility for this stage alone. During the RAP stage 2, you will not be required to make payments towards your student loan debt.
The Federal Government or Ontario Government will cover the entire monthly payment until your debt is paid within a maximum of 15 years from exiting school or within 10 years maximum if you have a disability.
If you are not eligible for a Repayment Assistance Plan, you can always seek refinancing options from other creditors. However, certain things might impact your benefits.
But before considering taking another loan to pay off your student loans, it is worth noting that student loans have one of the lowest interest rates compared to other types of loans. You will understand that OSAP (Ontario Student Assistance Program) has a low-interest rate that other banks can’t match; therefore, it is like taking out a new loan in another form just to repay an existing one.
This means that if you take on a new loan and repay your student loan debt, the new loan you took is not anymore considered a student loan anymore and may affect the following:
Just like normal citizens, Students have other debts (unsecured debt) to pay aside from Student Loan(s). In this case, a debt consolidation program can be your best option.
Through this program, your debt can be reduced by up to 75% depending on your current financial situation. We will help you create a personalized debt savings plan that will pay off your debt in as fast as 24-36 months, up to a maximum of 60 months.
Key features of this program include:
If you think this is the best option for you, click below to get started and speak to one of our amazing debt specialists who will help you create an efficient debt relief program.
To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.
No contact details required to find out if you qualify
We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.
Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!
Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.
SEE IF YOU QUALIFY TO:
No contact details required to find out if you qualify
A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.
Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.
No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.
The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.
This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.
If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.
After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.
A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score.
National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.
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