Paying back alberta/canada loans during residency??

[rockmysocks]

Hello,

I am hoping there is somebody out there who can help me out. I am almost done school here in the USA. I have maxed out the canadian government loans at around 100,000, on top of that my royal bank line of credit is about maxed at 140,000. I am starting a residency in Pennsylvania and will be making around 47,000 dollars. I am trying to figure out how I go about keeping my government loans in a non pay status. Paying the interest on the LOC and living expenses for my family will not make it possible to start paying back the government loans. Anybody with information to help me out. Thanks

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[darazon]

Hello,

I am hoping there is somebody out there who can help me out. I am almost done school here in the USA. I have maxed out the canadian government loans at around 100,000, on top of that my royal bank line of credit is about maxed at 140,000. I am starting a residency in Pennsylvania and will be making around 47,000 dollars. I am trying to figure out how I go about keeping my government loans in a non pay status. Paying the interest on the LOC and living expenses for my family will not make it possible to start paying back the government loans. Anybody with information to help me out. Thanks

I only have to pay interest only on my RBC LOC during residency. At $150k it is just under $400/month @2.25%. I would check with RBC and make sure about payments during residency -see if they can change it to interest only.

As far as Alberta student loans go, you should be able to apply for interest relief for a while. It is all dependent on how much you make. Not sure what the cutoff is for single students, but for married with kids it is higher than a residents salary.

After undergrad I worked for 4 years, my last year before going back to school I made $60k, and I never had to make any student loan payments. You have a 6 month grace period after your studies are over. Before that time is up, you need to call ALIS and tell them you want to apply for interest relief. They will let you know whether you qualify.

 

[DubZteR]

Hello,

I am hoping there is somebody out there who can help me out. I am almost done school here in the USA. I have maxed out the canadian government loans at around 100,000, on top of that my royal bank line of credit is about maxed at 140,000. I am starting a residency in Pennsylvania and will be making around 47,000 dollars. I am trying to figure out how I go about keeping my government loans in a non pay status. Paying the interest on the LOC and living expenses for my family will not make it possible to start paying back the government loans. Anybody with information to help me out. Thanks

check to see if u can defer making payments while in residency on the RBC loc .. I know in the US with loans ... you can defer making payments while you're in residency!