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repayment of student loan

I have approx 18,000 in student loans and a 13.00 hour job. My rent is 500.00 a month not including utilities. I can afford 200.00 a month in repayment to OSAP but they are refusing to accept this. I have just finished school approx 9 months ago. I have not defaulted or ignored these people, and don`t know what else to do…Can they legally refuse my payments?

Posted from: Ontario

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One Response to “repayment of student loan”

A licensed trustee said...

We see this type of question infrequently so you’re going to get a slightly longer answer than your question requires (I hope that’s ok).

Many people seem to think that as long as they make some form of payment towards a debt that the lender has to accept the payment – this is false. You signed a contract with the lender that set out repayment terms. If you mee those terms the debt will be in good standing. If you do not live up to the terms you agreed to when you borrowed the money then yuo may be in default.

Once a debt falls into default the lender has the right to initiate collection and/or legal action. Basically, if you don’t live up to agreement you signed then the lender has the right to take you to Court to recover their money.

So even though you have offered to make $200 a monthpayments towards your student loans, if the agreement you signed when you borrowed the money calls for a larger payment then the lender has the right to expect the larger payment. The lender is not required to agree to anything less than what you agreed to pay. I realize that student loans are unique in that when you borrowed the money you probably agreed to repayment terms that did not set a specific monthly payment, but there were terms and now the lender can enforce those terms. Sorry.