Repaying your Canada Student Loans

For those that received OSAP for your post-secondary studies, you are required to repay your loan after your school year ends. Although you are not required to make payments until 6 months later, the interest is charged during the 6 months period. If anyone is planing to make a lump-sum payment, I recommend you don't wait after the 6 month grace period.
If you have trouble making the monthly payments after the 6 month grace period, you can also apply for Interest Relief Program.
Interest Relief is a program that government helps students pay the interest for 6 months, and you are allowed to apply continuously as long as you are qualified and within your 5-year end of study date. Keep in mind that the principal balance of your loan is remaining the same when you are on Interest Relief Program.

Who is qualified:

• Your student loan is already in repayment and consolidated(a signed consolidation form must return to the student loan center)
• You must reside in Canada on the day you sign the application
• Your loan account is up-to-date
• Your gross income for the month you want your Interest Relief to start on, must below the eligible income limit.

Ontario Interest Relief Application http://osap.gov.on.ca/eng/PDF/0506/34-1531.pdf
Ontario Interest Relief Income Eligibility Chart http://osap.gov.on.ca/eng/PDF/0506/Income%20Eligibility%20Chart%20-%20August%201%20%202005.pdf

Simple Steps On "How To Open TD RESP E-Series Account"

TD E-SERIES is a perfect account for someone who has small lump sum to invest, and wants to invest periodically. With the easy-to-manage feature and unbeatable low management expense rate, it's best place to set up your RESP or TSFA. Here are the simple steps:

1. Go to branch in person to open up an RESP mutual fund account, make purchase to "money market fund'. If you do not have any account with TD, ask for 'access card', you will need the account number to access your online account.
2. Designate where you want to hold your government grants.
3. Go to TD website and print off 2 forms(Consent & application to convert), fill them out and mail them back to their fund administration office(address is written on the form). http://www.tdcanadatrust.com/mutualfunds/tdeseriesfunds/convert_acct.jsp
4. You will receive an email in about 2 weeks stating the conversion is completed and ready online.
5. Log in to your account and select 'switch mutual fund purchase', make sure you select the index funds with 'e' in the end, that's indication of e-series funds which has extremely low MER.

For more information, please go to http://www.canadiancapitalist.com/investing-in-td-e-series-funds-for-your-resp/


Extra tips

• must present your & your child's SIN card at the branch
• you can set up link between the other bank account to this account when filling out the form 'application to convert to a TD e-series funds account', and also set up "Pre-Authorized Purchase Plan"
• when doing the investment risk tolerance test, try to put yourself in a higher limit, that way in the future if you ever want to invest in a more aggressive fund, you will be able to do so without contact the bank again
• You must hold the money in 'e-series' for minimum of 90 days
• TD mutual fund help line is 1-866-234-8888 and option#4