Loans

You will be required to start paying back your loan once you:

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

You pay back the loan provider through your bank. You will need to contact your financial institution to make a repayment agreement or request a grace period for your payment (also called a ‘partial exemption period’ or a ‘payment postponement’).

Some loan providers will send you a repayment agreement by mail with the option to set up a pre-authorized debit. This will allow your financial institution to automatically withdraw the payment every month from your bank account.

In some provinces and territories, federal and provincial/territorial student loans are issued separately. This means that you could have more than one loan account and more than one loan issuer to arrange payments with. Please be sure to contact each loan provider to arrange to repay them. Make sure you keep them up to date on any changes to your address or phone number to avoid any delay in receiving critical information.

Returning students

Going back to school? Once you have been accepted and registered, contact the Financial Aid and Awards Office for information on the funding options available to you. If you are returning as a full-time student, you may also be eligible for interest-free status during your periods of study. Let us know so that we can advise your loan provider.

Going back to school? Once you have been accepted and registered, contact the Financial Aid and Awards Office for information on the funding options available to you. 

If you are returning as a full-time student, you may also be eligible for interest-free status during your periods of study. Let us know so that we can advise your loan provider.

• Your total income and expenses should be two separate sums. Budgeting is to improve your financial situation by having more income than expenses. 
• If your expenses are greater than your total income, you will need to consider making changes to balance your budget. This will mean cutting some expenses.

Contact your loan provider before your payment is past due to set up a payment arrangement. Most student loan programs give you a period of at least 6 months after you graduate before you must start making payments. This is known as a grace or partial exemption period. This means that you have 6 months from end of your last full-time study period until your first student loan payment is due.

During this time, your payment options are as follows:

Defer all payments – The interest that has accumulated during the partial exemption period will be added to the loan principal and paid in accordance with your loan agreement.

Repay the interest only – During the 6 month exemption period you can pay the interest only each month so that it does not accumulate; your debt will not change. Once the six months are up, you will repay your loan principal and interest.

Visit the Repayment section of you student loan provider’s website for more information.

Consequences for late or non-payment

There are serious consequences if you don’t pay or miss payments on your loans which may include:

• Your credit rating maybe negatively affected
• Your loans may be sent to a collection agency
• Any GST or income tax refunds you are eligible to receive will be automatically used to repay your defaulted loans
• The government may seizing your salary, furniture and/or property
• You may lose your eligibility for further student loans