It's time to start repaying your loan when you:
- Have graduated from your studies.
- Have dropped down to part-time studies.
- Are taking time off from full-time studies for more than six months.
Want to know how much your payments will be? Try the Loan Repayment Estimator.
Your responsibilities as a loan borrower are to:
- Read, sign, and return your consolidation agreement on time (this is your legal agreement to repay and it will be mailed to you six to eight weeks before repayment begins).
- Ensure that the government always has your updated contact information.
- Set-up online accounts with National Student Loan Service Centre (NSLSC) and your provincial loan lender (if applicable).
- Keep a history of communication with your lenders.
Register for online loan accounts today!
Loans automatically schedule you for a 9.5 year repayment schedule (10 years in total; 9.5 plus the six month grace period). When you receive your repayment papers from the National Student Loans Service Centre (NSLSC) you have the opportunity to increase your payment amounts to shorten your repayment period. Remember, the faster you repay your loan, the less interest you pay overall!
Bankruptcy and loans are two things that don't go well together. We hope you will never be faced with this option, but prevention through money management is key. If you are ever in danger of missing student loan payments, please call the NSLSC and/or your provincial loan lender before your payment date and ask for help. You can also get help from community organizations such as Money Mentors or the Credit Counselling Society of Canada that can counsel you in balancing your finances.
Going back to school?
You aren't required to make loan payments when you are in full-time studies, but you do have to notify the government of this (they won't automatically know). If you are in school full-time but not taking out a new student loan, you are responsible for confirming your enrolment which will put you back in interest and payment-free status. Please note that a school cannot confirm your enrolment for loan purposes until you are actually studying (not before and not after).