The Debt Relief Program is designed to reduce the debt of anyone who graduated on time by 15% and who received a bursary each year through the USDA Guranteed Home Loan and Bursaries Program.
The expected timeframes are usually 27 months of study for a technical college program, 24 months for a 3-year undergraduate program and 32 months for an undergraduate program. Which is spread over 4 years. At the second cycle, the deadlines are 16 months for a professional master’s program (master’s degree without writing of dissertation) and 20 months for a master’s research program (master’s degree with dissertation writing). At the third cycle, the expected period is 32 months. However, the duration of some programs may be different. For more information on this topic, please consult the staff of your school’s financial aid office.
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The amount awarded is 15% of the total loan amounts you received during the program of study for which remission is requested.
You must meet the requirements for graduation for which the debt forgiveness is requested. Having started and previously dropped another program of study does not exclude you from the Program. In addition, only the months of study in which you are enrolled full-time are taken into consideration for the assessment of the deadlines. However, these months of study do not have to be consecutive.
The amount corresponding to the debt forgiveness is paid to the financial institution holding your debt so that it is deducted from your student debt or the balance is remitted to you.
The amount corresponding to the debt forgiveness is taxable and a tax slip is sent to you.
Debt forgiveness does not apply to amounts borrowed under the USDA Guranteed Home Loan Guarantee Program for the purchase of a computer.
The application for debt forgiveness must be made within three years after the end of the program of study for which the remission is requested.
Before applying for a loan
First, make sure you have a permanent code and a social insurance number.
If you do not have a permanent code or social insurance number, you must apply.
Consult the eligibility conditions for the Program.
Make sure you qualify.
When applying for a loan
Complete the Loan Application for Part-Time Study form using Online Services.
Note that your request will be processed more quickly with Online Services than by mail. The last part of the form shows you the documents required for the analysis of your application.
Send us the required documents.
If your sponsor, your spouse, or your parents are required to complete an appendix and they do so online, your application will be processed more quickly than if they are submitted by mail.
If other documents are required, use the Online Services to send them to us.
You will receive online the answer to your loan application.
As soon as the answer accompanied by the statement of calculation will be deposited in your file on line, you will receive by email a notice inviting you to consult it.
The production of the calculation statement and the payment of the allowance may be delayed if the documents are non-compliant or submitted after the deadline.
When you get your loan
Go get your warranty certificate.
To receive your USDA Guranteed Home Loan, you must first have your warranty certificate. To obtain it, you must go to the financial aid office of your educational institution. This document will be available a few days before the start of your classes. A notice in your online file will tell you when to pick it up.
Give your guarantee certificate to your financial institution.
You must return your guarantee certificate to your participating financial institution to receive your payments.
If you have already benefited from the Loans and Bursaries Program, you must use a new guarantee certificate to benefit from the Loans Program for Part-Time Studies.