Revision of Terms

If you’re unable to pay back your loan according to the terms in your Consolidated Loan Agreement, a Revision of Terms could help you decrease your monthly repayment amount by extending the amount of time it will take overall for you to pay off your loan (it also permits you to increase your payments and shorten the lenght of the repayment once you are able to do so).

How it works

For Canada Student Loans or Integrated Student Loans, a Revision of Terms can extend the amount of time it takes you to pay off your loan's principal and interest to up to 15 years. (Saskatchewan, Ontario, New Brunswick, and Newfoundland and Labrador offer Integrated Loans.)

This, in turn, decreases your monthly payment.

Generally, when you consolidate your loan, you have up to 114 months (9.5 years) to repay your loan (this is your amortization period ). With a Revision of Terms, you may request an extended amortization period of up to 174 months (14.5 years).

Types of Revision of Terms

A Revision of Terms is an agreement between you and the National Student Loans Service Centre (NSLSC) and/or your Financial Institution. You should be aware that with a Revision of Terms, you'll end up paying more interest in the end because it will take you longer to pay back your loan in full.

1. Decrease payments for a short period.

• You can temporarily extend the terms of your loan to reduce your monthly payment.
• You must make interest and principal payments on your loan.
• At the end of this period, your monthly interest and principal payments return to the original repayment amount outlined in your Consolidated Loan Agreement, unless otherwise stated.

2. Extend the repayment time of your loan to permanently decrease monthly payments.

• For long-term help, extend the time period of your repayment terms to decrease your monthly payments.

Eligibility rules for Revision of Terms

Revision of Terms is available to most borrowers and can be tailored to meet your individual financial needs. Contact the NSLSC and/or your Financial Institution to discuss your options.

How do I apply?

There is no formal application process to request Revision of Terms. Simply contact the NSLSC or the Financial Institution holding your loans to discuss the best option for you. For Canada Student Loans and Integrated Student Loans, you can also access the NSLSC On-Line Services to complete the form to change your repayment schedule through a Revision of Terms.

Once you have agreed to a repayment plan, you will be sent a revised Consolidated Loan Agreement, which you must sign and return in order to complete the change.