Repay a student loan – Can't repay your loan
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Having trouble making a payment
If you are having trouble making a payment, you have options:
Missing a payment will negatively affect your credit.
Contact us to discuss options
Whether you have missed a loan payment or not, contact us to discuss options to help you get back on track:
Getting your loan out of collection
If you have missed 9 months of payments, your federal student loan will be sent to the Canada Revenue Agency (CRA) for collection. Once in collection, you are no longer able to get student aid. To be able to get student aid again, you must bring your loan up to date.
- Contact the CRA to make a payment arrangement and bring your loan up to date.
For the provincial or territorial part of your student loan, you will need to contact your province of permanent residence. For borrowers from Saskatchewan you may contact the CRA for both federal and provincial parts of your student loan.
Rehabilitate your Canada Student Loan
If your loan is in collection, you may be eligible to bring your Canada Student Loan up to date. To do so, contact the CRA to see if you are eligible to rehabilitate your federal student loan. Make payments equal to two regular monthly payments and choose one of the following options:
- Pay off all outstanding interest on your loan, or
- Add all unpaid interest to the balance of your loan. You will receive a new payment schedule for the new balance.
Note: The option to add the unpaid interest to the balance of your loan can only be done once.
Once you make your payments, call the NSLSC and ask to speak with a Canada Student Loans Program agent. You should receive a new repayment plan within one month.
Bankruptcy doesn't erase student loans during the first 7 years
Be aware: if you file for bankruptcy within seven years of finishing your studies, your Canada Student Loan won’t be cancelled. You will have to continue paying back your Canada Student Loan.
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