Applying for and managing your funding is made easier when you are well informed. Find out what you need to know in order to meet your academic goals while remaining financially responsible.
Managing your loan account
- Create an account online at the National Student Loan Service Centre to stay up-to-date on the status of your loan, the amounts you have borrowed, and to make payments or request repayment assistance.
When repayment begins
- It will be time to start repaying your loan when:
- You have graduated
- You have transferred to part-time studies (if you were previously funded as a full-time student)
- You have left school
- You are taking more than 6 months off of school
- For the first 6 months after you have left school, you will be in a grace period – you are not required to make payments. However, your loan will be accruing interest.
- It is your responsibility to contact the National Student Loan Service Centre to set up a repayment schedule before the six-month grace period is complete. Getting in touch with the NSLSC will give you an opportunity to review your loan and finalize details including how much you owe, what your interest rate is, the date your payments are due, and how long it will take to pay back your loan.
- If you do not set up a repayment schedule, your loan repayments will be automatically withdrawn from the account to which the loan was deposited.
- Learn more about repayment.
- As a full-time British Columbian student whose loans were received after August 2000, your loan is integrated. That means that both the federal and provincial loan amounts are managed through the National Student Loan Service Centre.
- As a part-time student from any province, your loan is provided by way of a Canada Student Loan which is managed through the National Student Loan Service Centre.
- If possible, pay off your student debt faster by making lump sum payments or by increasing your monthly payment. This will ultimately decrease the amount of interest you pay over the life of your loan.
Plan, save, budget
Find tools to help you plan, save and budget for your education:
Getting help with your payments
- If you are unable to make a payment, or if you have missed a payment, there are repayment options to explore.
- The Repayment Assistance Program (RAP) and the Repayment Assistance Plan for Borrowers with a Permanent Disability help eligible applicants secure reduced monthly or no monthly payments.
- The Revision of Terms Plan is available to most borrowers and can be tailored to meet your needs. Options may include: temporarily reducing monthly payments, extending the repayment period, or making interest-only payments for a short period.
- If you have missed payments on your loan for 9 months or more, your Canada Student Loan is considered to be in default and is sent to the Canada Revenue Agency for collection. You may be eligible for loan rehabilitation. If your provincial loan is also in default, you will want to contact StudentAid BC.
- Additional forms of Repayment Assistance
Student Loan Repayment Information & Repayment Webinars
If you are finishing up schooling or no longer attending as a Full Time Student, you may be required to start repayment. For more information, visit:
BC Loan Forgiveness Program
Recent graduates in select in-demand professions can have their BC loans forgiven by agreeing to work in underserved communities.
You must submit an application and supporting documentation in order to be considered for the BC Loan Forgiveness Program. Learn more and access the application form.
Graduating with loans?
If you're graduating with student loans you may be eligible for a BC Completion Grant for Graduates