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Complete Guide To Student Loan Forgiveness Programs 2023

Just like other loans, student loans accumulate interest over time. The rules for each province vary from one another. In this article, you will learn what debt relief options are available for you to take advantage of in Ontario. If you are one of the Ontario Students who have accumulated a decent amount of student loan (e.g. OSAP) and are behind your debt payments including unsecured debt; there are a debt relief and forgiveness options available.

Know more about us and what we can do by clicking on the button below…

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Helped with $ 27,000 $ 41,500 $ 35,000 $ 17,000 $ 23,500 $ 46,340 $ 21,000 $ 35,000 $ 26,700 $ 65,500 $ 57,400 $ 17,500 $ 75,500 $ 63,000 $ 35,000 $ 18,500 $ 55,000 $ 85,500 $ 43,000 $ 29,500 $ 27,800 $ 41,200 $ 35,800 $ 85,000 in debt

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Student Loan Forgiveness

#1 Repayment Assistance Plan

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:

  • You are an Ontario resident
  • Not in default on your student loan payment
  • You can afford the new payments which are less than the required monthly payment.
  • You pass the Income Verification check

Stages of RAP

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.

#2 Refinancing Your Student Loan

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.

Student Loan Refinancing

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:

  • Eligibility for student debt tax benefits.
  • You will not be any more eligible for Repayment Assistance Plan in case you are planning to apply or reapply in the future.

#3 Apply for a Government-Approved Debt Consolidation Program

Debt Consolidation Program

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:

  1. Creditor Protection – Stop collection activities, wage garnishment, legal actions from creditors.
  2. Zero Interest – All interests will stop from the date of filing.
  3. Assets Are Protected – Secure your assets including home and mortgage.
  4. No Upfront Fees – You only pay us if we can save you money
  5. Free Consultation – Speak to our debt specialists for free and know your options.
  6. Easy Debt Repayment – Consolidate all unsecured debts into a single monthly payment. (Merge Credit Cards, Personal Loans, Car Loans, Taxes, CERB, HST, 407, Household Bills, Payday Loans and Student Loan)
  7. Online Process – The entire process is done online so you don’t have to leave your home.

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.

Our Clients 5-Star Reviews

Antoinette Hill
Antoinette Hill
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When first talked with them, it was very pleasant and they did not make feel bad cause I got over extended. Sylvanas was the first person I talked to n she is every professional n down to earth. She put me at ease when explaining their service to me.
Chelz A
Chelz A
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I was feeling overwhelmed and anxious at the thought of a consumer proposal. That all changed when I spoke to Brittany. She made me feel comfortable and at ease with no judgement. Brittany has a bubbly personality that makes you feel welcome. Thank you Brittany for guiding me through this process 🙂
Jenny Del
Jenny Del
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Professional and knowledgeable. Sylvana and other team members really gave assurance to help you. I would recommend this company. Great Service!

Top 5 Key Benefits of our Ontario 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.

Do you want to experience Peace of Mind from all of these?

  • Credit Card Debts
  • Personal Loans
  • Car Loans
  • Taxes
  • HST
  • 407
  • Household Bills
  • Payday Loans
  • Student Loan
  • and more…

Talk to us! We will help you get out of debt.

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.

We will help you compare
the options and savings of all formal debt relief programs available to you.


No contact details required to find out if you qualify

Frequently Asked Questions

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.

Why Trust National Debt Relief Services?

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See What Our Customers Have To Say

Dawn Friesman
Dawn Friesman
I've been working with Allicia Macdonald shes very professional and sweet. I cant thank her enough for helping me rebuild my life. Thank you so much.
Chantal Rolfe
Chantal Rolfe
Today I had a wonderful experience with Rachael, she was Very professional I was very happy with what we talked about today she was very Caring I highly recommend national debt relief services hundred percent😃
Jennifer Magill
Jennifer Magill
Brittany was awesome, she explained everything clearly and offered solutions every step of the way. It’s always nice to hear that you could do this or that, I didn’t feel forced to do anything and was able to decide clearly. Thank you 🙏🏼
Dave Tonnos
Dave Tonnos
This company will work with you and through any difficulties that may arise. They actually hold themselves accountable, how refreshing during troubling economic times.
marian kamara
marian kamara
I have a great experience working with Suma, she work me through the program, takes her time to explain everything to me about how the program work, what I need to do from start to end of the process. I’m so thankful to God for sending an angel Suma to help relief my debt. It’s a great company to work with. I will recommend this program for anyone in debt like me.
Donna Hutchings
Donna Hutchings
Connie B. was absolutely awesome! She explained everything in detail to me. Very professional to work with and takes the time with you. She really has compassion. So glad she helped me out. Thank you
lynn collins
lynn collins
Joel has made this so simple and effortless he made sure i was well informed and making the right decisions for my situation i would recommend joel at national dept Relief to anyone in hardship with there bills thanks alot joel i really appreciate everything you have done for me thanks!! 5 stars for sure! and its chad ball not my mom lynn lol
Billy Bong
Billy Bong
I had a great experience with Brittany, so helpful and understanding. Never felt like I was being pressured or rushed into anything. She was always there with answers to my questions. Thanks for all the help and peace of mind you helped me achieve.
Amber-lyn Miller
Amber-lyn Miller
Let’s Just Put It Simple....... Not All Hero's Wear Caps........I spoke with Suma over a fairly lengthy period of time because of my busy schedule and lack of free time on my part, and she was not only extremely patient and understanding, but also beyond helpful And informative. Any question I had and no matter how many times she had to explain it to me she took her time to make sure I completely understood every single step and process before she moved on to the next thing. I have been so stressed out and worked up about my debt and trying to figure out how to fix it all since I know I will not be returning to work at all in the future because of medical issues and being 26 with that realization makes things just that more stressful but Suma made everything so easy and my payments are $100 a month for less then 5 years with no interest or penalties for early pay off. I’m so glad that I didn’t settle with some other place that was asking for $350 + a month for 7-12 years and paying off early would cost you more.
Jessica Preston
Jessica Preston
Caroline F. was phenomenal, she was so helpful, understanding and compassionate. Caroline did not make me feel bad for my mistakes, she was supportive and caring, she helped me through this dark time in my life I'm so incredibly happy I crossed paths with her. Thank you Caroline for being so wonderful to me! <3

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