Resident loan interest relief program 2012

Note: Your reported family income is subject to income verification. You and your spouse, if applicable may be required to provide supporting documentation. The affordable payment is calculated based on your gross monthly family income and your family size.

Your affordable monthly payment for the 6-month RAP term would be zero if your gross monthly family income, before taxes and other deductions, is equal to or less than the amount listed in the table below for your family size. Gross monthly family income threshold for zero affordable payment Number of Family Members. Above the income threshold for zero payments as shown in the table above , the monthly affordable payment gradually increases with family income but will never exceed a maximum of 20 per cent of family income.

Note: If your spouse also has government student loans in repayment, your Monthly Affordable Payment will be adjusted by your share of the government student loans held by both of you. This stage of RAP is available for up to 60 months or until you are 10 years out of school, whichever comes first. During Interest Relief, you make the affordable monthly payment.

Your affordable payment will go first towards paying down your loan principal and, if large enough, the remainder will go towards paying monthly interest. The Governments of Canada and Ontario cover all monthly interest that is not covered by your payment. Therefore, Jean qualifies for RAP. I hadn't encountered any problems meeting my monthly rental obligation for more than nine years. I never thought I would struggle a day in my life because of the passion in my life and my amazing work ethic.

I am ever so glad you were able to see and value my example of being a "white collar" IT management professional who lives modestly. It truly showed me that there are people that are willing to help those who may be in need. We were able to keep Steven from being evicted and homeless for the first time in his life, just 2 days after his 63rd birthday.

My job at the time was as a courier using my own car to deliver packages, so when I lost my car, I immediately lost my job. Starting a new job meant a two-week pay gap that threatened the apartment he loved and where he was raising his kids. A year-old resident recovering from heart surgery faced overwhelming odds until her apartment manager reached out.

Our fifth grant recipient tells her story of months of job searching, nearly losing her apartment, and finally finding hope. We exist to be the bridge that helps responsible residents stay in their homes during a singular, unexpected financial emergency. Tax ID Privacy Policy — Terms of Use. The Resident Relief Foundation. We have a heart for renters. Keeping responsible residents in their homes nationwide. Join us as we help keep responsible residents in their apartments during an unexpected financial emergency and also help them better prepare for future emergencies.

Programs Individual grants are based on several factors including ability to get past the current financial crisis, need, and situation. PreventEviction Success Stories There are many ways we help responsible residents, hit with a sudden financial emergency and with nowhere else to turn, to stay in their apartments.

Constance NV At one point, I was lost and felt with the debt I had and the situation I was in that there was very little light. Heather Morrisville, NC Without something like this a lot of families that are trying but just need a little hand up would be left to fall further behind causing greater harm.

We Were in an Impossible Situation Anita Aurora, CO Once we were told that we were approved for the grant, the biggest weight was lifted from our shoulders. Latisha Richmond, VA I thought I'd never get out of the financial disaster that this pandemic put me in. Where Would We Have Gone?

Vanne Fayetteville, NC You have changed our lives forever. Yvonne Hapeville, GA I got whipped into shape! The Resident Relief program has been a Godsend! Shelly B Charlotte, NC The grant you provided eliminated the stress and worry of eviction during these unprecedented times. Megan Dacula, GA This foundation gave us something worth far more than rental assistance. You claim this deduction as an adjustment to income, so you don't need to itemize your deductions.

A qualified student loan is a loan you took out solely to pay qualified higher education expenses that were:. More In Help.