A Student Loan Repayment Plan, a SLRP, is a new kind of workplace benefit to help employees pay down student loans. As part of an employer-sponsored savings plan, an employee can choose to direct employer contributions towards the repayment of their outstanding student loans.
To pay down your student loans faster and most importantly, reduce the cost of the loan.
With your employer's help and by making larger principal payments, both the time to pay back and the overall cost of the loan are reduced.
Once you’re done the online enrollment, YrP is required to validate specific loan information with your lender. Once this information is validated, we provide instructions to payroll and send you notification of your enrolment.
You’ll then be able to go to your dashboard.
Yes, SLRP is outside of the minimum monthly payment your lender requires. SLRP is a payment made by your employer in addition to the minimum required payment.
Yes, if your lender has received the appropriate amount of principal and interest before the required payment date. This amount could possibly be covered by the SLRP benefit. If you need to defer a payment, we recommend you check with YrP or your lender to make sure SLRP covers the minimum required payment.
Yes, currently SLRP is a taxable benefit. Your employer will include their contribution to the plan as employment income. Subsequently payroll and income taxes will be deducted from your pay in advance of making a payment to your loan.
SLRP monthly payment: $200 (employment income)
Payroll & income tax: $60
Loan payment: $140
You need a calculator to estimate savings and this estimate will depend on these factors:
Feel free to use our calculator to approximate the savings of your loan
Right now, SLRP covers provincial and federal loans administered by Finastra. Future plans include expanding the platform for private lenders such as banks and credit unions.
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Unless you authorize it, your employer does not have access to your loan information. The only personal data you share with your employer are the details required for payroll deduction.
Eligibility in YrP’s SLRP benefit is currently limited to Canadian residents. If you are a Canadian resident and working outside the country, you are eligible to enroll in SLRP for the repayment of your Canadian student loans.
Future plans include providing the benefit to non-Canadian residents who hold Canadian student loans.
YrP charges a monthly fee for the administration of your SLRP benefit. This is a flat fee regardless of the amount of the loan. The fee is deducted from the SLRP contribution in advance of loan payment.
On your tax return, you may be eligible to claim the interest you paid on your post-secondary student loans, if the interest payments apply to loans received under:
Ineligible student loan interest claims include:
The interest you pay on your student loan is a non-refundable tax credit. The interest earns you a tax credit that is non-refundable, it cannot be converted into a tax refund.
The amount is recorded on lines 300 to 395 of your tax return. If you owe taxes, this amount is subtracted from your taxes owed; as a result, you have a lower tax bill. However, if you do not owe any taxes or if you have covered your taxes due with other credits, you cannot get a refund based on your student loan interest.
As of 2015, CRA allows student loan interest claims to be carried forward for five years. And since you can’t turn your interest claim into a refund, it makes sense to hold off using it in years when you don’t owe a lot in tax. Instead, carry it forward to a future year to offset taxes owed in those presumably higher earning years.
YrP tracks your interest charges and you can also track your interest charges to carry forward credits for future years. (Your loan provider or loan administrator may provide you with details of the interest you paid on your loan/s.)
If you file electronically, you can retain your receipt from you SLRP dashboard. If you file a paper return, attach the corresponding information to your return.
Important links:CRA Interest on Your Student Loan
We share important information about your student loan on your dashboard. For example:
YrP will send important or urgent notifications via email. To contact us, SLRP members can chat, email or phone YrP’s SLRP Support.
Your employer will notify YrP of your departure and we will terminate your membership in the plan.
You can postpone SLRP contributions at any time.
Depending on individual plan rules, employers may continue making SLRP payments for some or all the duration of your absence.
Yes, you can defer payments in SLRP. You are required to give YrP, or your benefit administrator, minimum 10 days advance notice prior to payroll deduction.
You can find specific plan design details on your dashboard. It is important to be aware of any rules or restrictions related to deferrals or restrictions with contributions after a deferral.
SLRP contribution amounts can be changed or amended on a permanent or temporary basis with ten business days notice to YrP or your benefit administrator.
During the on-boarding and enrollment process, you will be required to complete and sign a “Third-Party Consent Form”. This document is required so that YrP can access only information specific to your loan. By agreeing, YrP can make payment to your loan account and communicate with the custodian of your loan data (Finastra), to ensure accurate records are maintained.
With your employer’s permission, your spouse can participate in SLRP provided they complete the Third-Party Consent form and on-board with your authorization. Your employer contributions to your spouse’s loan will be included in your income and subject to tax at your tax rate.
You can contact YrP during business hours at 844-XXX-XXXX, or email us at firstname.lastname@example.org. To register a complaint email us at email@example.com