Repaying Your Student Loan in Canada

Repaying Your Student Loan in Canada

If you have graduated from school, switched to part-time study, or have been out of school for more than six months, it is time to begin repaying your Canada Student Loan.

For the first six months following graduation, you will not be required to make payments on either your provincial student loan or your Canada Student Loan. Your six-month non-repayment period is known as this. Interest does build up over this time. You can choose to do either of the following:

Start paying the interest as soon as possible;
You begin by making a one-time payment of the six months’ interest prior to your regular payments; or your loan providers will add the interest amount to your total loan after the six-month non-payment period.
After the six-month non-payment period, you must set up a repayment schedule with your loan providers before making any payments. In the event that they are unable to reach you, it is your responsibility to set up and manage your loan payments. Loan providers will make every effort to get in touch with you via phone or mail.

After the six-month non-repayment period (if you had arranged for direct deposit), your loan payments may begin to automatically withdraw from the bank account where they were deposited if you do not get in touch with them.

How to make payments

The beginning of your loan repayments will be communicated to you. Before the end of your six-month non-repayment period, you should get in touch with your loan provider(s) if you haven’t received anything in the mail. You should examine every aspect of your loan(s) and finalize details regarding:


  • The exact amount you owe;
  • The amount of interest that will be applied to your loan(s);
  • The exact bank account you will be used to repay the loan;
  • How much will be withdrawn from your bank account monthly;
  • The exact date it will be withdrawn (if you are set up for automatic withdrawals);
  • How payments will be sent monthly to your loan provider(s) (generally via cheque if you are not set up for automatic withdrawals); and
  • How long will it take to pay back your Payments

Set up a loan repayment schedule

You will be required to sign and return the repayment schedule provided to you by your loan provider once you have agreed to it. Payments will still be withdrawn from your file account even if they do not receive your signature.

The following are the benefits of returning the repayment schedule:

  • An opportunity to make changes to the repayment schedule;
  • The opportunity to confirm the repayment schedule; and
  • This a chance to get help if you are having trouble making payments.

Where to send money

In some provinces and territories, the federal government and the provincial or territorial governments issue loans separately. As a result, you might need to repay more than one loan.

You applied for and will be repaying a part-time Canada Student Loan if you have received part-time student loans. Through the NSLSC, you will be responsible for managing and repaying your loan.

Special circumstances:

If you got your student loan from a financial institution, you need to get in touch with them and make plans to pay it back.

Help to repay your loan.

The federal government can provide you with several repayment assistance options, which may put your payments on hold until you can of for them or lower your payments. However, you must apply for this assistance as enrolment is not automatic.

You can also see students’ financial aid at BC College of Optics in Vancouver.


In conclusion, repaying your Canada Student Loan need not be a frightening experience. You can make the process much simpler if you follow the suggestions above. Therefore, what are you awaiting? Make those payments immediately!





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