Kennara Posted May 2, 2023 Report Share Posted May 2, 2023 Hi everyone, I am entering a rural FM residency and had a couple questions on how to repay my provincial and federal student loans. 1. I know prior to the federal loans going to no-interest you could pay the minimum amount towards only the interest portion of the loan and not touch principal. What is the minimum payment I can make now that the loan is interest-free. Ideally, I would like to pay little as possible so I can take full advantage of the Canada Student Loan Forgiveness amount. 2. For the provincial loan, is it better to pay it off if minimal or pay the minimum amount as interest on the loan is tax deductible? Thanks! Quote Link to comment Share on other sites More sharing options...
Synth1 Posted May 4, 2023 Report Share Posted May 4, 2023 1. $10 2. Depends on whether you are planning to apply for rural loan forgiveness, if you are going to get the max amount deducted (i.e. $8000 x 5) I would just pay whatever the minimum is and worry about the rest later. Quote Link to comment Share on other sites More sharing options...
Kennara Posted May 4, 2023 Author Report Share Posted May 4, 2023 Thank-you! For the minimum payment of $10, how do I set that up. Do I need to call NSLSC to ask them for that? Quote Link to comment Share on other sites More sharing options...
Synth1 Posted May 6, 2023 Report Share Posted May 6, 2023 Yeah you just call them. Quote Link to comment Share on other sites More sharing options...
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