Need help repaying your student loan?
Whether you are studying full-time or part-time, you will need to begin repaying your student loan six months after you graduate or leave school; however, interest accumulates during this six-month period. While you are studying, you are not required to make loan payments and no interest accumulates. Additionally, your loan for full-time studies will enter repayment status if you switch from full-time to part-time studies.
The Government of Canada and most provincial and territorial governments offer repayment assistance measures to help you repay your student loans when you're experiencing difficulty. Contact the National Student Loans Service Centre and your provincial or territorial student financial aid office to discuss repayment assistance options.
If you have a provincial or territorial government student loan, contact your provincial or territorial student financial assistance office to find out about their repayment assistance programs.
If you have a Canada Student Loan, one of the following measures may be right for you:
- Repayment Assistance Plan
- The Repayment Assistance Plan helps you pay back what you can reasonably afford.
- Repayment Assistance Plan for Borrowers with a Permanent Disability (RAP-PD)
- The RAP-PD helps borrowers with a Definition of permanent disability pay back what they can reasonably afford.
- Severe Permanent Disability Benefit
- If you have a Definition of severe permanent disability, you may be eligible to have your loans forgiven through the Severe Permanent Disability Benefit program.
- Revision of Terms: Reduce Your Payment
- Under the Revision of Terms measure, you can ask to have your student loan payments decreased or increased your student loan payments if you are having difficulty repaying your student loan debt or wish to pay off your loan debt more quickly.
- Canada Student Loan Rehabilitation
- Is your Canada Student Loan in collection? Getting your student loan back on track is easier than you think. If you have missed payments on your student loan for more than 270 days and your loan is now in collection, help is available.
- Canada Student Loan Forgiveness for Family Doctors and Nurses
- If you are working as a family doctor, resident in family medicine, nurse or nurse practitioner in a designated rural or remote community, you may be eligible to have a portion of your Canada Student Loan forgiven.