Am I eligible for interest relief on my student loans if it’s gone to Canada Revenue Agency?
Am I eligible for interest relief on my student loans if it’s gone to Canada Revenue Agency? Or is there any way of reducing the interest?
Call and ask them. As with any debt, keeping communication open with the lien holder is always better than default.
Be honest and project yourself as someone who made a mistake (loan default) and want to make good on the debt. Usually after a few payments are made (good faith), you can negotiate reversal of accrued interest (from default) and fees.
It will take some time but you will get this debt taken care of and will learn a valuable lesson. Always keep in contact with the holder of your loan(s).
