What happens after 60 months of repayment assistance?
After 60 months of RAP or 10 years after you finish school, whichever comes first, the governments will begin to cover both the principal and interest that exceeds your reduced monthly payments.
What is a repayment assistance plan?
The Alberta Repayment Assistance Plan (RAP) assists eligible borrowers with repayment difficulties. ... The affordable payment calculated for each borrower will be apportioned between federal and provincial loans.
What is rap application?
RAP has two stages: Interest Relief and Debt Reduction, to help eligible borrowers fully repay their student loans within 15 years (or 10 years for borrowers with permanent disabilities).
Do student loans go away after 7 years Canada?
Your student loan debt is ineligible unless it's been at least 7 years since your last day as a full-time or part-time student.