Repaying your Loan

WHEN DO I REPAY MY LOANS?

If you have a previous part-time government student loan and you are returning to either part-time or full-time study, you do not need to begin repayment; however, you must inform your lender that you are returning to study. You have 6 months from your study period end date before you must start paying back your loan. Repayment of your loan will begin 6 months after your study period end date through the National Student Loan Service Centre (NSLSC).

• Loan repayment calculator
• Update contact information online through NSLSC.
• Update banking information while in repayment by using the Pre-Authorized Payment form.

IF YOU MISS LOAN PAYMENTS

Your loan will become delinquent when you are not making regularly scheduled monthly payments. Consequences of not repaying your student loan include added interest charges, loss of eligibility for future StudentAid BC funding, being contacted by a collection agency, a bad credit rating and inability to get credit, loss of future income tax refunds and tax rebates, being taken to court, garnishment of your wages, liens against your property.

GET HELP WITH REPAYMENT

Repayment assistance plan (RAP)

Assists with managing your loan debt by decreasing your monthly payment and allowing you to pay back what you can reasonably afford if approved. Apply online through NSLSC.

Repayment assistance plan for borrowers with a permanent disability (RAP-DP)

Helps with managing your loan debt by reducing your monthly payment and allowing you to pay back what you can reasonably afford if approved. Apply online through NSLSC.

Revision of terms

Allows the terms of your loan to be changed if you need more time to pay with the options below:

• Decrease payments for a short period.
• Extend the repayment time of your loan to permanently decrease monthly payments.
• Make interest-only payments for a short period.

Apply online through NSLSC.