After you complete your studies, a 6-month non-repayment period begins. During this time, you are not required to make any payments on your student loan. However, once this period ends, you must start repaying your loan.

The 6-month non-repayment period starts after you:

• Finish your final school term

• Reduce your studies from full-time to part-time

• Leave school or take time off

Within 6 months of finishing school, you will receive a package from the National Student Loans Service Centre (NSLSC) that outlines your repayment terms and options. For more details, review the terms and conditions of your loan or reach out to the NSLSC directly.

Repaying your Loans

Paying your Student Loans

Once you have finished your studies, you will enter into repayment after a 6-month non-repayment period. At this time, you will have payment options to consider:

• interest rate

• increase or decrease your monthly payment

• your payment date and frequency

• choose the bank account for your payments

Adjusting Your Monthly Payments

If you have a full-time student loan, you can manage your payments online through your NSLSC account. You can:

• Increase payments to pay off your loan faster

• Decrease payments for more affordability

• Extend your repayment period (up to 174 months) to reduce monthly payments

Note: Some provincial loans still accrue interest. Lowering payments or extending the term may increase the total interest paid. Part-time student loan borrowers can contact the NSLSC to adjust their payments.

You can change your payment due date or set up weekly or bi-weekly payments via your NSLSC account.

Repayment Assistance

If you're struggling to make payments, you can apply for assistance through:

• Repayment Assistance Plan (RAP)

• Repayment Assistance Plan for Borrowers with Disabilities (RAP-D)

If you miss 9 months of payments, your loan will be sent to the CRA for collection. To restore eligibility for student aid, bring your loan up to date with the CRA. Missing payments can impact your credit. To avoid collections:

• Access your NSLSC account for repayment options

• Contact the NSLSC for support

• If you're from Alberta, Nova Scotia, or PEI, contact your province

To get your loan out of collection, you must make two monthly payments and either:

• Pay off any outstanding interest, or

• Add unpaid interest to the loan balance (this option is available once)

Contact the NSLSC to finalize the process.

If you file for bankruptcy within 7 years of finishing your studies, your Canada Student Loan will not be cancelled, and you must continue payments. Learn more about how bankruptcy affects your loan.

For questions about understanding your student loans, please visit the official website of Canada > Benefits > Student Aid and Education Planning > Repay a student loan