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 Otherwise, your loan repayments will be automatically withdrawn from the account in which your loan was deposited.
Make payments on your own
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.
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.
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 NSLSC 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.