Paying Back Student Loans

It's time to start repaying your loan when you:

  • have graduated from your studies;
  • have transferred to part-time studies;
  • have left school; or
  • are taking time off school for more than 6 months.

For the first 6 months after you leave school, you will not have to make payments on your Canada Student Loan or your provincial student loan. Interest, however, does accumulate during this period. You can either choose to:

  • start making those interest payments right away;
  • pay the six months' interest as a lump sum before you start making your regular payments; or
  • have your loan providers add the interest amount to your loan total after the 6-month non-repayment period.

It's your responsibility to contact your loan provider(s) to set up a repayment schedule before you have to start making payments after the 6-month non-repayment. Loan providers will try to contact you via mail or phone, but it’s up to you to set up and manage your loan payments should they not be able to reach you.

If you don't make contact, your loan payments may start to be automatically withdrawn after the 6-month non-repayment period from the same bank account where your loans were deposited (if you had arranged for direct deposits).

Note: Any grants you received do not have to be repaid.

What you need to know about student loan repayment