Repay a student loan – Payment options
Once you have finished your studies, you will enter into repayment after a 6-month non-repayment period. At this time, you will have payment options to consider:
- interest rate
- increase or decrease your monthly payment
- your payment date and frequency
- choose the bank account for your payments
No interest is charged on Canada Student Loans. You are still responsible for paying any interest that may have accrued on your loan before April 1, 2021.
Use the repayment estimator to see what your monthly payments would be.
If you have a provincial part to your loan, interest may still apply. Contact your province or territory for information about your rate or visit the NSLSC.
Increase or decrease your monthly payment
If you have a full-time student loan, you can customize your payments online in your NSLSC account.
- increase your payments to reduce the time it takes to pay back your loan
- lower your payments to make them more affordable, or
- extend your repayment time up to 174 months to make your payments smaller
Note: Some provincial loans still have interest. By lowering your payments or extending your repayment time, you will pay more interest on your loan.
Part-time student loan borrowers who want to change their monthly payments can contact the NSLSC.
If you need more help in repaying your loan, you may be able to get Repayment assistance.
Payment date and frequency update
Change your payment due date by logging into your NSLSC account.
You can also set up weekly or bi-weekly payments by adding multiple days of the month as payment dates.
Update your banking information
The easiest way to avoid missing a payment on your loan is by setting up pre-authorized monthly payments. Pre-authorized payments are taken out of your account automatically. Log in to your secure NSLSC account to update your banking information.
If you do not set up pre-authorized payments, you need to make other arrangements to pay your loan.
Make payments outside of monthly payments
There are other ways to make payments, to learn more visit the Make additional payments page.
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