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Obliged To Start Student Loan Repayment During Residency?!?


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Not in Ontario - while you can claim tuition tax credits, you are not considered a student as per OSAP (and I am fairly certain other provincial/federal student loans are the same). If you can get your school to write a letter, technically you can appeal it - but I am relatively certain no residency training school in Ontario will do this. Not sure if anyone else had a different experience.

 

When I ran the numbers, it was cheaper for me to pay off my provincial loans with my line of credit (and associated lower interest rate) than to pay OSAP directly, even with the interest tax credit. If interest rates rise dramatically, that may change. Your own situation may differ.

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