RAP
SPDB
Rehab
BKY
COE/Lifetime Limits
100
When can a borrower apply for RAP?
When they enter repayment, at least six months have passed since their PSED
100
What does SPDB stand for?
Severe Permanent Disability Benefit
100
What is the rehab criteria?
- Pay OSI + 2 monthly payments
- Capitalize OSI + 2 monthly payments
100
What are the three types of Bankruptcy Related Events?
Bankruptcy
Consumer Proposal
Orderly Payment of Debt
100
What is the lifetime limit for the following:
Pre-Aug 1995 / PD students
PhD students
all other students
520
400
340
200
What are the methods a borrower can apply for RAP?
- Mail
- Fax
- Online
200
Who reviews the eligibility for SPDB?
Medical Adjudicator (MA)
200
If a payment arrangement is set up with the CRA after a garnishment is applied, can it be used for rehabilitation?
It can only go towards the OSI. The borrower will need to make 2 monthly payments as per their arrangement
200
Orderly Payment of Debt is only applicable in certain provinces, which ones?
Alberta
Nova Scotia
Saskatchewan
200
In order to receive interest-free status while in studies, what document must you submit?
Schedule 2 (COE or CIFS for Ontario)
300
When does a borrower receive a ZR restriction?
When they have used over 60 months of RAP or they apply for and receive RAP and the borrower is 10 years past the Repayment Start Date
300
What is the income benchmark for a substantially gainful employment for 2019?
$16,347.60
300
A borrower calls 35 days after making their last rehab payment, what do you advise them?
Consult your SME!
Depending on the amount of OSI, we may be able to approve the rehab, as long as they meet rehab criteria
300
If a borrower files for Bankruptcy and does not meet the 7 year rule, what must the borrower do in order to return to full-time studies?
PIF
300
What are the 3 types of continuation?
Regular Continuation
Late Continuation
Reinstatement
400
When a borrower applies for RAP-PD, they can provide an additional form which may help lower their affordable payment, what is this form called?
Disability Related Expenses (DRE) form
400
If a borrower with a CDON applies for SPDB, what is the additional document they must fill out?
Declaration and Consent for Applicants with Ontario Student Loans
400
If the borrower is instructed to rehab but states that they were in the hospital when their loan fell into arrears and defaulted, what can we offer the borrower?
Loan Recall
400
Borrowers with a "B" code can still be eligible from certain benefits, which ones?
RAP
SPDB
Interest-Only payments
ROT
400
Who assesses borrowers who have a PD to get an increase to 520 weeks?
Provinces
500
How can a 'W' restriction be removed?
- RAP Recovery is completed
- The loans is PIF
- The loan defaults
- CSLP manually deactivates the restriction as a result of an appeal
500
What is the keyword that determines a borrower is eligible for SPDB
'prevented'
“Severe permanent disability means a functional limitation caused by a physical or mental impairment that prevents a borrower from performing the daily activities necessary to participate in substantially gainful employment, as defined in section 68.1 of the Canada Pension Plan Regulations and is expected to remain with the person for their expected life.”
500
Does this borrower qualify for rehabilitation?
Payment Arrangement is $50/week
Only has a C restriction on file
Yes, they meet criteria
500
"N" code allows borrowers to complete their program of study when filing for a Bankruptcy Related Event while in studies. When does the "N" code become a "B" code?
3 years non-restricted period ends
Switched from full-time to part-time
Account enters repayment
Filed during part-time studies
Change of program/field of study
500
This occurs when less than six months have elapsed between a full- or part-time borrower’s previously confirmed PSED and subsequent PSCD during their current period of studies, but the borrower submits their confirmation of enrolment after more than six months have elapsed.
Late Continuation