MARCUS ASKED: Is it possible to make one-time payments to your Ontario Student Loan debt, without having to start paying monthly?
ANSWER: I know from personal experience dealing with student loan debt can be challenging. I’m sure that you can make a lump sum payment. However, the government and banks don’t make it easy.
A few years ago, we paid off the last of my wife’s student loans. We had to contact the Ministry of Training Colleges and Universities regarding her OSAP loan and the National Student Loans Service Centre regarding her Canada Student Loan to get payout instructions. They made us submit a request to them in writing by fax or mail requesting a payout. It took over a month, but we did finally get her student loans paid.