It is 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 six (6) months
For the first six (6) months after you leave school, you will not have to make payments to your Canada Student Loan or your Newfoundland & Labrador Student Loan. This is called your six (6) month non-repayment period or grace period. Canada Student Loans and Newfoundland & Labrador Student Loans are interest free.
Repayment - Did you know?
If you miss a scheduled student loan payment, your credit rating could be negatively affected.
Don’t wait until it’s too late- help is available. The Repayment Assistance Plan (RAP
) can help if you are having difficulty paying back your student loan. Call the National Student Loan Service Centre (NSLSC) at 1-888-815-4514 for more information. Sign up for an account on
Government of Canada .
If you return to full time studies and do not apply for financial assistance, you must notify the NSLSC of your status by submitting a Confirmation of Enrollment (Schedule 2). This will allow the NSLSC to place you back into non-repayment status while in school. We suggest you sign up for an online account on
Government of Canada . Government of Canada is the source for interactive information and tools designed to help you save, plan and pay for post-secondary education.
Defaulting on Loan Payments
If you were required to begin repaying a previous student loan and were not able to make the regular payments you could be in default. If you have defaulted on your student loan you will be ineligible for the Repayment Assistance Program (RAP) or to apply for additional loans until the defaulted payments have been paid, unless you are working to rehabilitate your loan to return to studies. For more information, please contact the institution’s administering your defaulted loan, or for provincial loans the please contact
Student Aid NL to help you identify where your loan is located.