Understanding your Loans

Loan Agreement

The Master Student Financial Assistance Agreement (MSFAA) defines the terms for accepting and repaying your student loans. This agreement replaces previous federal and provincial loan agreements, and you only need to sign it once. It covers all current and future student loans you may receive.

Your MSFAA will not specify the exact grant or loan amounts. Instead, you will receive a Notice of Assessment from your province or territory, which details how much student aid you are eligible for.

You will only need to re-sign the MSFAA if you apply for financial aid after:

• Taking a break of two years or more from school, or

• Permanently relocating to another province or territory

To review the terms and conditions of your MSFAA, visit the National Student Loans Service Centre (NSLSC) website.

Note: Some provinces or territories have their own student aid programs. If you're in one of these areas, you may need to consult them for additional details:

• Nunavut Student Funding

• Northwest Territories Student Financial Assistance

• Quebec Student Financial Assistance

Interest Rates

No interest is charged on Canada Student Loans. You are still responsible for paying any interest that may have accrued on your loan before April 1, 2021.

If you have a provincial part to your loan, interest may still apply. Contact your province or territory for information about your rate or visit the NSLSC.

The Loan Repayment Estimator can help you estimate the monthly payments you will need to make when repaying your Canada Student Loan. Use the repayment estimator to see what your monthly payments would be.

Tax Credits for Student Loans

You receive a 15% tax credit on any interest you pay on your government student loans each year. This credit applies to interest payments you make on both your federal and provincial or territorial student loans.

You can get your T4A documents and statements in your NSLSC account at the start of each calendar year.

To learn more, visit how to claim the interest paid on your tax return.

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