Repaying Your Loans

Repaying your OSAP

You will receive a package in the mail from the National Student Loans Service Centre (NSLSC) that details how much you owe, your proposed monthly payment, and the confirmed interest rate on your loan. It is your responsibility to set up a repayment schedule. Otherwise, your loan repayments will be automatically withdrawn from the account in which your loan was deposited.

Payment Methods

Automatic withdrawals

  • You can opt in to have your monthly payments automatically withdrawn from your personal bank account by selecting this option when you receive your package in the mail.

Make payments on your own

  • If you bank online, set up a new bill by searching National Student Loans Service Centre.
  • Enter your 7 digit loan account number. This can be found on the upper right hand corner of any correspondence letters you received from the National Student Loans Service Centre.
  • If you're unsure of your loan account number contact the National Student Loans Service Centre. If you need assistance setting up a new bill, contact your bank.

Prime rate of interest on your provincial loan is 1%, and 2.5% on your federal loan. Use the Repayment Calculator to find out how much your monthly payments will be when it's time to repay your loans.

Online Repayment Webinar

The National Student Loan Service Centre hosts "Repaying your Government Student Loan" webinars to give you information regarding the repayment of your student loans, the repayment process, hints and tips on how to save on interest and what to do in the event that you are having difficulty making the payments.

Financial Relief

Students who are experiencing difficulties repaying their student loan are advised to seek support immediately. There are several opportunities to renegotiate your loan, or apply for assistance to make your repayment plan more feasible.

Repayment Assistance Plan (RAP)

You may be eligible to lower your monthly payments or make no payment at all, by applying for the Repayment Assistance Plan through your National Student Loans Service Centre account or by downloading an application from the CanLearn website. To remain eligible, you must re-apply every six months.

Customize your repayment terms

You may renegotiate the length of time it will take to pay back your loan by extending your repayment period from the average 9.5 years to 14.5 years. This will lower your monthly payments.