Repay a student loan – Update payment options
Provincial or territorial payments
Your payment options depend on which province or territory you applied for Student Financial Assistance.
Ontario, British Columbia, Saskatchewan, New Brunswick, or Newfoundland and Labrador
You repay all your student loans through the National Student Loan Service Centre. Use the instructions on this page.
Alberta, Manitoba, Nova Scotia and Prince Edward Island
You have provincial and federal portions of your loan that need to be repaid separately.
Follow the instructions from your provincial loan provider to repay your loan. You can follow the instructions on this page for the federal part of your loan.
Quebec, Nunavut or the Northwest Territories
You pay back your loan directly to your province or territory. Contact your provincial or territorial loan provider to arrange payments.
You repay your federal student loans through the National Student Loan Service Centre. Use the instructions on this page.
Increase or decrease your monthly payment
Above the minimum amount
The amount you pay over and above your minimum monthly payment is applied directly toward the principal amount of your loan. This decreases the total loan amount and the total interest you will have to pay.
If you increased your monthly payment, you can decrease it back through your NSLSC account. You cannot reduce it below the minimum amount, unless you do a Revision of Terms.
Reducing your monthly payment below the minimum amount
You can ask to have the terms of your loan changed if you need to reduce your payments below the minimum amount.
With a Revision of Terms, you can ask to extend your repayment period from 114 months (9.5 years) to up to 174 months (14.5 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.
- Contact the National Student Loans Service Centre (NSLSC) to find out if you can do a Revision of Terms
If you need more help in repaying your loan, go to Repayment assistance.
Payment date and frequency update
You can change the day of the month your payment is due:
- Change Your Payment Due Date form (PDF, 82 KB)
Fill out the form and mail it to:
National Student Loan Service Centre
P.O. Box 4030
You can set up weekly or bi-weekly payments by adding multiple days of the month as payment dates.
Consider setting payments soon after your receive a pay cheque to help pay off your debt in the quickest way that works for you.
Update your banking information
Pre-authorized monthly payments will be taken out of your account automatically. Log in to your National Student Loans Service Centre (NSLSC) account to update your banking information.
Change your interest rate option
You can change your interest rate option from floating to fixed interest at any time by contacting the NSLSC. However, once you have chosen fixed interest, you cannot change back to floating interest.
Loan repayment estimator
Use the Repayment estimator to find out how much you would need to repay each month.
Make payments outside of monthly payments
There are other ways to make payments outside of your monthly payment schedule. You can:
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