Revision of terms

You can ask to have the terms of your loan changed if you need more time to pay or would like to pay it off more quickly.

You can extend the amount of time it takes you to pay off your loan's principal and interest by up to 15 years. This will make your monthly payments smaller, however, you'll end up paying more interest in the end because it will take you longer to pay back your loan.

Under the Revision of Terms Plan, you can:

  1. Decrease payments for a short period.
    • Temporarily extend the terms of your loan to reduce your monthly payment.
    • Make interest and principal payments on your loan.
    • At the end of this period, your monthly interest and principal payments return to the original amount outlined in your Consolidated Loan Agreement, unless otherwise stated.
  2. Extend the repayment time of your loan to permanently decrease monthly payments.
    • For long-term help, extend the time period of your repayment terms to decrease your monthly payments.
  3. Make interest-only payments for a short period.
    • Temporarily pay only the interest owing monthly on your student loans.
    • You may do this for a maximum of 12 months during the lifetime of your loans.

How the Revision of Terms Plan works

Generally, when you consolidate your loan, you have up to 114 months (9.5 years) to repay your loan (this is called an amortization period). With a Revision of Terms, you may request an extended amortization period of up to 174 months (14.5 years).


Revision of Terms is available to most borrowers and can be tailored to meet your needs. Contact the National Student Loan Service Centre (NSLSC) and/or your financial institution to discuss your options.


Contact either the NSLSC and/or your financial institution to discuss the best option for you. For Canada Student Loans and Integrated Student Loans, you can also customize your repayment through the NSLSC On-Line Services.

Once you have agreed to a repayment plan, you will be sent a revised Consolidated Loan Agreement that you must sign and return to complete the change.

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