Things To Know About The Repayment Assistance Plan

A repayment assistance plan or RAP is a type of assistance given by the Canadian government to its citizens. You might want to know about this plan if you have taken a loan to study. Assuming that you are experiencing issues or can’t make your installments, you can apply to have the Government of Canada help you by paying towards your advance through these plans.

Understanding RAP

Contingent upon your pay, you may not be expected to cause installments that surpass your pay by 20%, or any installment whatsoever. You can apply for RAP whenever during reimbursement. You can apply for RAP when you begin to reimburse your student loans. Assuming you are qualified and acknowledged into RAP, the Government of Canada will pay the interest owing that your changed installment doesn’t cover. Following 10 years of RAP, after you finish school, the legislatures will start to cover both the head and interest that surpasses your decreased regularly scheduled installments.

Eligibility for RAP

A student is eligible for RAP if they live in Canada. Students who are on international internships are also eligible for the plan. The student should be regular in their loan payments ad should have completed their training about 6 months ago. Such a student can apply for RAP. If a person has any perpetual disability, they are also eligible for RAP.

Apply for RAP if you check all the boxes of eligibility. Make use of the perks given by the government to help the students and make the maximum advantage of it.