Students entering repayment
Leaving school and beginning to repay your student loans can be an intimidating experience. Student Financial Assistance & Awards can help you manage your debt load effectively and stay in good standing with your lenders.
Keeping in touch with your lenders is the most important way to avoid difficulty during repayment. Be sure to update your lenders with your current address if you move after leaving school.
If you are not in a financial position to begin repayment, there are programs to help you manage your debt load. Please review the applicable section below for more information.
If you are still in school, please review our information for students with previous loans.
Repayment information for full-time Canadian students
Full-time students automatically enter repayment six months after they leave full-time study.
The date you leave full-time study is the date you last attend school and not the date of your graduation ceremony.
If you withdraw part way through your study period, you enter repayment six months from the date of your withdrawal.
If you are now a part-time student, you will enter repayment six months after leaving full-time study; however, you may be eligible for part-time student loans, if you need further financial assistance.
The Grace Period
The six months after you leave full-time study is called your grace period. During this time your loans will accrue interest, but you do not have to make any payments.
Update your lenders with your current contact information. They will be mail you information about:
- The total amount that you owe
- The amount of your monthly payments
- Your monthly payment date
- Current interest rates
- The banking information that your lender has on file
Repayment
After your six month grace period ends, you will automatically enter repayment.
Payments are automatically withdrawn from your bank account at the end of each month, unless you indicate otherwise.
The correspondence you receive during your grace period gives you the opportunity to review your repayment information and modify the terms. But, you can contact your lender anytime after repayment begins to discuss or modify the details of your repayment terms.
If you would like to know how much your monthly payments will be ahead of time, please consult the CanLearn Loan Repayment Estimator.
What if I can't make the required payments?
There are programs to assist you if you are unable to make the required monthly payments.
The best way to determine what programs are available and how to apply is to contact each of your lenders directly about your current financial situation.
Here is an overview of the programs available to help:
Repayment Assistance Plan (RAP)
Through RAP you can receive repayment assistance on your Canada Student Loan debt. Students approved for RAP will have their monthly payments and interest accrual adjusted to make payments manageable.
Students from some provinces can apply for RAP for both their Canada Student Loan debt and their provincial loan debt.
However, most students will have to apply for RAP for their Canada Student Loan debt and Interest Relief (detailed below) for their provincial loan debt, even if their entire loan is held by the National Student Loan Service Centre (NSLSC).
For further information on the Repayment Assistance Plan.
Interest Relief
Through Interest Relief programs you can receive relief from monthly payments and interest accrual on your provincial student loan debt. Students approved for Interest Relief are not required to make monthly payments and their loans will not accrue interest during the approved time period.
For more information on Interest Relief, please contact your provincial lending institution.
Please note that you cannot apply for either RAP or Interest Relief during your grace period.
*If you have returned to full-time study, please review the information for students with previous loans.
Repayment information for Canadian Part-time students
Part-time students begin repayment six months after they leave part-time study.
The date you leave full-time study is the date you last attend and not the date of your graduation ceremony.
If you withdraw part way through your study period, you enter repayment six months from the date of your withdrawal.
If you have previous full-time student loans, you will begin repayment on your full-time loans six months after leaving full-time study, even if you are now taking out part-time loans. Please review the section above that provides repayment information for Canadian full-time students.
The Grace Period
The six months after you leave part-time study is called your grace period. During this time your loans will accrue interest, but you are not required to make any payments.
Update your lenders with your current contact information. They will mail you to let you know:
- The total amount that you owe
- The amount of your monthly payments
- Your monthly payment date
- Current interest rates
- The banking information that your lender has on file
Repayment
After your six month grace period ends, you will automatically enter repayment.
Payments are automatically withdrawn from your bank account at the end of each month, unless you indicate otherwise.
The correspondence you receive during your grace period gives you the opportunity to review your repayment information and modify the terms. However, you can contact your lender anytime after repayment begins to discuss or modify the details of your repayment terms.
If you would like to know how much your monthly payments will be before you receive this information from your lenders, please consult the CanLearn Loan Repayment Estimator.
What if I can't make the required payments?
The Repayment Assistance Plan is available if you are unable to make the required monthly payments.
Repayment Assistance Plan (RAP)
Through RAP you can receive repayment assistance on your Part-time Canada Student Loans. Students approved for RAP will have their monthly payments and interest accrual adjusted to make payments manageable.
Read more about the Repayment Assistance Plan.
*If you have returned to part-time study, please review the information for students with previous loans.
Repayment information for US students
Repayment for PLUS Loans (either Graduate PLUS or Parent PLUS) begins on the date the loan is fully disbursed.
The date you leave studies is the date you last attend and not the date of your graduation ceremony.
If you withdraw part way through your study period, your repayment start date is based on the date of your withdrawal and not the original semester end date.
To prepare for repayment, you should review the repayment information provided by the US Department of Education.
Students entering repayment must complete Exit Counselling.
