It is time to start repaying your loan when you:
- have graduated from your studies;
- have transferred to part-time studies;
- have left school; or
- are taking time off school for more than six months.
For the first six months after you leave school, you will not have to make payments to your Canada Student Loan or your provincial student loan. This is called your six month non-repayment period. However, during this period, interest does accumulate. You can either choose to:
- start making the interest payments right away;
- pay the six months' interest as a lump sum before you start making your regular payments; or
- have your loan providers add the interest amount to your loan total after the six month non-repayment period.
It is your responsibility to contact your loan provider(s) to set up a repayment schedule before you have to start making payments after the six month non-repayment period. Loan providers will try to contact you via mail or phone, but it is your obligation to set up and manage your loan payments should they not be able to reach you.
If you do not make contact, your loan payments may start to be automatically withdrawn after the six month non-repayment period from the same bank account where your loans were deposited (if you had arranged for direct deposit).
Create an online NSLSC account to stay in touch and keep your contact information up-to-date.
How to make payments
You will receive a notice that your loan repayments are about to begin. If you have not received anything by mail, make sure you contact your loan provider(s) before your six month non-repayment period is over. You will want to review all aspects of your loan(s) and finalize details concerning:
- how much you owe;
- the interest rate that will be applied to your loan(s);
- the bank account you will use to repay the loan;
- the monthly amount that will be withdrawn from your bank account;
- the date it will be withdrawn (if you are set up for automatic withdrawals);
- how to send monthly payments to your loan provider(s) (normally via cheque if you are not set up for automatic withdrawals); and
- how long it will take to pay back your loan(s).
Monthly payments can be made either through automatic withdrawal , by cheque, online banking or telephone banking.
Set up a loan repayment schedule
Once you agree with the repayment schedule given to you by your loan provider, sign and return it. Payments will be withdrawn from your account on file even if they do not receive your signature.
Returning the repayment schedule gives you the opportunity to:
- make changes to the repayment schedule;
- confirm the repayment schedule; and
- get help if you are having trouble making payments.
Where to make payments
In some provinces and territories, loans are issued separately by the federal and provincial/territorial governments. That means that you could have more than one loan to pay back.
If you received part-time student loans, you applied for and will be repaying a part-time Canada Student Loan. You will manage and repay your loan through the NSLSC.
If your loans were issued to you by:
Special circumstances
If you have received your student loan through a financial institution you must contact them directly and arrange to repay your loan.
Help to repay your loan
Need help in order to manage your student loan debt? Having difficulty repaying your student loan? Missing payments can have serious and long-term consequences.
The federal government can provide you with a number ofrepayment assistance options, which may lower your payments or put them on hold until you can afford them. Enrolment is not automatic so you must apply for this assistance.
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