Description
You will be able to repay your student loan in accordance with your financial capacity and your family situation, whether the loan was taken out under the Loans and Bursaries Program or the Loans Program for Part-Time Studies if you qualify for the Deferred Payment Plan.
You will never be needed to repay this quantity.
If you’d like to get an estimate of the payment beneath the Deferred Payment Arrange centered on your monetary and family members circumstances, you can make use of the payment per month calculation simulator.
The Deferred Payment Plan enables you to repay your education loan despite your difficulties that are financial.
Crucial! Your application when it comes to Deferred Payment Arrange is dedication from you. Should a payment that is monthly required of you once Aide financiere aux etudes has analyzed the application, your lender is supposed to be immediately notified and certainly will withdraw this quantity from your own account in each one of the 6 months included in the job.
Arrange restrictions
The time period covered by your application will generally be six months and will be established by taking account of your request to take advantage of the relief measure for repaying your student loan and the information in your file if you qualify for the Deferred Payment Plan. It might be lower than 6 months in the event that you go back to your studies through the duration included in the application or achieve the combined lifetime limit that is 60-month.
You may restore you application to take part in this course of action. Nevertheless, you ought to observe that you need certainly to submit an innovative new application for every single six-month duration for which your desire to make use of the want to make sure that you qualify. Should this be a renewal application, you need to have made all needed re re payments under your application that is previous to for a brand new amount of deferral.
You might submit an application for the program at any right time through the a decade (120 months) that stick to the end of one’s six-month choice. The application could be retroactive although not return back significantly more than half a year through the date whenever you distribute it.
The goal of the Deferred Payment Arrange would be to enable you to lead to repaying your education loan, for example., the total amount your debt to your lender to date. This plan of action just isn’t for those who are generally repaying their education loan and who’ve a available file with the Aide financiere aux etudes Collection Department.
What are the results then?
When you not any longer be eligible for the program, it is important to speak to your institution’s that is financial loan and start making the planned monthly premiums to retire your education loan.
In the event that you declared bankruptcy, produced customer proposal or registered for voluntary deposit
Please be aware that pursuant to your Bankruptcy and Insolvency Act, you can’t be eligible for the master plan in the event that you declared bankruptcy, produced customer proposal or registered for voluntary deposit per the Code of Civil Procedure.
You’re disabled
You need to apply to your insurer for loan repayment if you purchased a loan disability insurance policy. In the event that insurer takes the job, you certainly will avoid needlessly burning up your months that are qualifying the Deferred Payment Arrange.
Helpful terms
Employment Assistance Allowance: economic support compensated by Emploi-Quebec to people that be involved in an employment assistance measure that is active. (not to ever be confused with the Solidarity Tax Credit).
Quebec Parental insurance policy: earnings replacement advantage compensated because of the ministere du Travail, de l’Emploi et de la Solidarite sociale to a person that is eligible takes maternal, paternal, parental or adoption leave.
Eligibility begin date when it comes to Arrange: about 6 months following the end of one’s studies.
Dependent kid: beneath the Deferred Payment Plan, a young child that fits all of the following conditions:
- Is unmarried
- Isn’t a moms and dad or maybe more than twenty days expecting
- Is either not as much as 18 years old or if significantly more than 18 is a full-time pupil coping with you or if perhaps perhaps not coping with you gets an economic share away from you
Solitary parent: somebody who lives using their kid, has custody at the least 25percent of this right some time is unmarried, a widow or widower, legitimately or de facto divorced or separated or whose partner can not be found.
Period included in the applying: time frame that you use to profit from a relief measure when it comes to payment of one’s education loan. This might be a past or time that is futurein this second situation, the commencement date can’t be multiple thirty days through the date you use).
Enough time framework efficiently included in the job will as a whole final half a year it is founded by firmly taking account associated with duration that you use to profit from a relief measure for payment of the pupil information and loan in your file.
Personal assistance or solidarity advantages: economic the help of the ministere du Travail, de l’Emploi et de la Solidarite sociale or Last-resort monetary help gotten underneath the social help or social solidarity programs. (to not ever be mistaken for the Solidarity Tax Credit).
Earnings counted within the Arrange:
- Personal Assistance or Solidarity system advantages
- Employment earnings
- Self-employment or company earnings
- Employment Insurance advantages (unemployment insurance coverage)
- Quebec Parental Insurance Coverage advantages
- Income replacement advantages (Wage insurance coverage, SAAQ or CNESST)
- Employment Assistance Allowance (Emploi-Quebec)
- Pension or impairment retirement benefits
- Help re payments
- Public or scholarships that are private bursaries
- Other types of earnings except those maybe maybe maybe not counted within the Plan
Earnings maybe maybe maybe not counted within the Arrange:
- Solidarity Tax Credit
- Gifts
- Withdrawals from a Registered Retirement Savings Arrange (RRSP)
- Amounts while it began with a Registered Education Savings Arrange (RESP)
- Inheritance income
Extra information
For extra information about the Deferred Payment Arrange, call
Has your situation changed? Would you anticipate moving?
You need to inform Aide financiere aux etudes of every noticeable modification of address so long as your education loan have not completely retired. This can be done effortlessly and quickly utilising the Your email address tab in your on line file.