Glossary

Table of Contents

A

Amount Owing

The total amount to be repaid, including principal and interest. If you are in your six-month non-repayment period, the interest that may have accrued to date is included in the amount shown.

This balance does not include any amount you may owe to a financial institution for provincial/territorial student loans (including Ontario and Saskatchewan Student Loans received before August 1, 2001, and Newfoundland and Labrador and New Brunswick Student Loans in repayment on July 31, 2000), or for Canada Student Loans received before August 1, 2000, or for Canada Student Loans received before August 1, 2000.

No interest is charged on Canada Student Loans, Newfoundland and Labrador, British Columbia, and the Canada portion of Integrated Student Loans during the six-month non-repayment period.

Accrued Interest to Date

This is the amount of interest accrued on your loan to date since the last payment made. If your loan is in Collections, it is the amount accrued up until your loan was returned to the government.

Approved Payment Amount

This is the amount you are required to pay each month of your approved RAP period.

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C

Canada Student Loan Interest Rate

This is the current interest rate you are charged on your Canada student loan for this specific period.

Effective April 2021, the Government of Canada has suspended the accumulation of interest on Canada Student Loans until March 31, 2023.

Cost of Borrowing

This term is used to describe the total interest you pay over the life of your loan. It is calculated by using the current interest rate for your loan, your current loan balance, remaining term and monthly payment amount. This amount, shown when Customizing your Payment Terms on this site, is an estimate only. If the interest rate rises, the cost of borrowing also increases. If the interest rate decreases, the cost of borrowing also decreases.

Current Interest Rate

Interest is calculated either at a fixed interest rate of Prime Rate + 2.0 %* or at a floating interest rate equal to the Prime Rate for Canada Student Loans and Canada-New Brunswick Integrated Student Loans.

  • If you have a Canada-Ontario Integrated Student Loan, the interest rate on your loan is calculated at Prime Rate for your Canada student loan and Prime plus 1.0% for the Ontario portion of your loan.
  • If you have a Canada-Newfoundland and Labrador Integrated Student Loan the interest rate on your loan is calculated at Prime Rate for your Canada student loan and no interest is charged on the Newfoundland and Labrador portion.
  • If you have a Canada-Saskatchewan Integrated Student Loan, the interest rate on your loan is calculated at Prime Rate for your student loan, and at a floating rate equal to the Prime Rate for the Saskatchewan portion.
  • Effective February 19, 2019, the B.C. Government eliminated the interest charged on all B.C. Government-issued student loans. If you have a Canada-British Columbia Integrated Student Loan, the interest rate on your loan is calculated at Prime Rate for your Canada student loan and zero for the British Columbia portion of your loan.

*Note: The fixed rate option is not available on the Ontario portion of a Canada-Ontario Integrated Student Loan, the British Columbia portion of a Canada-British Columbia Integrated Student Loan and the Newfoundland and Labrador portion of a Canada-Newfoundland and Labrador Integrated Student Loan.

Note: Effective April 2021, the Government of Canada has suspended the accumulation of interest on Canada Student Loans until March 31, 2023.

Customization of Payment Terms

You can change the amount of your monthly payments by increasing or decreasing them to make them more manageable for you. The Customize My Payment Terms tool shows you the impact of changing your monthly payments, including cost of borrowing.

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D

Daily Interest Charge

The daily total interest charged on your loan.

Dependents

Dependents are:

  1. children under 21 years of age either living with you or in full-time studies; or
  2. are wholly dependent (see below for Wholly dependent definition)

Wholly dependent person

A person is wholly dependent on the borrower, or the borrower’s spouse or common-law partner if the dependent person:

  • Resides in Canada
  • Resides with the borrower or is in a health care facility

A wholly dependent person is either:

  • under 18 years of age; or
  • dependent by reason of a mental or physical infirmity

The term can include:

  • The borrower’s spouse or common-law partner
  • A child or grandchild of the borrower
  • A child or grandchild of the borrower’s spouse or common-law partner
  • The parent, grandparent, brother, sister, uncle, aunt, niece or nephew of the borrower
  • The parent, grandparent, brother, sister, uncle, aunt, niece, or nephew of the borrower’s spouse or common-law partner

Note: The borrower must have claimed the wholly dependent person for tax purposes and Canada Revenue Agency (CRA) must have accepted the person as being wholly dependent upon the borrower or their spouse or common-law partner.

Disbursements

A disbursement is the process of releasing your grant/loan funds (money) upon receipt of your electronic student loan certificate. The funds may be released to you (via a cheque or directly into your account) or to your school (in payment of tuition or other fees) or a combination of both equal to the total amount of the loan.

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E

Estimated First Payment Amount

This is the estimated amount of your first payment.

Estimated First Payment Date

This is the date your first payment is due.

Estimated Non-Repayment Period Interest

This is the estimated amount of interest that may accrue during your six-month non-repayment period.

Note: No interest is charged on Canada Student Loans, Newfoundland and Labrador, British Columbia, and the Canada portion of Integrated Student Loans during the six-month non-repayment period.

You have the option to pay this interest on or before your first payment date, otherwise it will be added to your loan balance. Interest paid on student loans can be claimed on your Income Tax. We will provide you with an Income Tax Receipt for the interest amount you paid for each calendar year.

Estimated Remaining Term (months)

The estimated length of time in months/number of payments it will take you to repay the full balance of your student loan. Please note that due to changes in interest rates and other activities that impact your loan, the estimated term may increase or decrease.

Entering Repayment – In Repayment

This term refers to the act of moving your loans from the non-repayment period status to repayment status. Repayment starts on the 1st day of the 7th month after the end of your studies. This date is referred to as your repayment start date.

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F

Fixed Interest Rate

A stable rate of interest. If you choose a fixed rate, you will be charged the same interest rate throughout your repayment period.

Floating Interest Rate

A rate of interest that varies over time with the prime rate. This means that the interest you are charged during repayment of your loan will increase and decrease along with the prime rate.

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I

In Collections

If you default on your student loan by missing payments for 270 days (nine months), or more, your Canada Student Loan will be sent to the Canada Revenue Agency (CRA) and/or the issuing Provincial Government for collection.

In Non-Repayment

This is the six-month period after you either graduate or leave school. You are not required to make loan payments during your non-repayment period, but interest may accrue on your loan.

Note: No interest is charged on Canada Student Loans, Newfoundland and Labrador, British Columbia, and the Canada portion of Integrated Student Loans during the six-month non-repayment period.

In Repayment

The time in which you are required to pay back your loan.

In Study

The time in which you confirmed your full-time or part-time enrolment at a post-secondary educational institution.

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L

Loan Number

This is the unique number assigned to your loan by the NSLSC.

Loan Type

The loan type will depend on the province of issue.

Please review the table below for a list of loan types managed by the NSLSC.

Province of Issue Loan Type
Ontario Canada – Ontario Integrated Student Loan
British Columbia Canada – British Columbia Integrated Student Loan
New Brunswick Canada – New Brunswick Integrated Student Loan
Newfoundland Canada – Newfoundland and Labrador Integrated Student Loan
Saskatchewan Canada – Saskatchewan Integrated Student Loan
Alberta, Manitoba, Nova Scotia, Prince Edward Island and Yukon Canada Student Loan

Part-time loans managed by the NSLSC will appear as Part-Time Canada Student Loan.

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M

Minimum Amount

The lowest amount required to bring your past due loan in to good standing. This amount would be applied to the interest only if you have never used the 12 months of interest only payments option. If you have used this option before, the payment required would be the lowest payment amount possible based on the maximum repayment period available.

Minimum Monthly Payment

This amount is specified in the Customize My Payment Terms option. This amount reflects the lowest possible monthly payment available to you which will pay your loan in full using the longest remaining term available. It is calculated using current interest rate, current principal balance, and the maximum remaining term available to you (calculated as: Number of months you have been in repayment, subtracted from 174). Payments indicated have been rounded up to the nearest full dollar amount.

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N

Non-Repayment Start Date

This is the first day after your period of study end date.

Number of RAP Approved Payments Made

This is the number of monthly approved payment amounts you have made during your approved RAP period.

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O

Original Repayment Amount

This is the default amount at the start of your repayment period.

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P

Period of Study

This is the time period in which you are enrolled in postsecondary school. This period is a minimum of 6 weeks and a maximum of 52 weeks as set by your postsecondary school for your current enrolment. For example, September 10th, 2012 – April 30th, 2013.

Permanent Disability

A functional limitation caused by a physical or mental impairment that restricts the ability of a person to perform the daily activities necessary to participate in studies at a post-secondary school level or the labour force and is expected to remain with the person for the person's expected life. Note: This information is necessary if you wish to be assessed for the Repayment Assistance Plan for Persons with Permanent Disabilities.

Planned Non-Repayment Period Start Date

This is the first day after your period of study end date if you do not update your period of study end date.

Planned Repayment Period Start Date

This is the first day after your six-month non-repayment period ends if you do not update your period of study end date.

Prime Rate

The Prime Rate used by the NSLSC is based on the variable reference rates of interest declared by the five largest Canadian financial institutions. The Prime Rate is calculated by ignoring both the highest and the lowest of those five rates and taking the average of the remaining three rates.

Program of Study

This is the name of your program of study for this period of study.

Proof of Monthly Payments (for Repayment Assistance)

Acceptable documentation includes a recent bank statement that confirms your spouse’s/partner’s total monthly loan payment amount, or copy of your spouse’s/partner’s Consolidation (Loan Repayment) Agreement(s) for all Canada Student Loans, Provincial Student Loans and/or Canada-Provincial Integrated Student Loans, as applicable.

Province of Issue

The province that approved your student loan funding.

Provincial Interest Rate

This is the current interest rate you are charged on the Provincial portion of your integrated loan. This only applies to loans issued by: ON, NB, NF and SK. For the interest rates, see table under the Current Interest Rate definition.

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R

RAP End Date

This is the last day of your approved Repayment Assistance Plan period.

RAP Start Date

This is the first day of your approved Repayment Assistance Plan period.

Recovery End Date

This is the last day of your Recovery Agreement Term. This is the scheduled day of your last recovery payment - See Repayment Assistance Plan Recovery

Recovery Payment Amount

The monthly amount you are required to pay during your recovery term - See Repayment Assistance Plan Recovery

Recovery Start Date

This is the first day of your Recovery Agreement Term. Your first recovery payment is scheduled for the end of the month identified by this start date - See Repayment Assistance Plan Recovery

Recovery Term

The duration of your recovery agreement - See Repayment Assistance Plan Recovery

Repayment Assistance Plan

If approved for Repayment Assistance, you may not need to make payments for six months; or you could be approved to make reduced payments, with the government(s) covering some or all of your interest, so more of your payment is applied to your loan principal. In some cases, the government may repay some of your loan principal as well.

Repayment Assistance Plan Recovery

Repayment Assistance Plan Recovery is the arrangement made that you must fulfill in order to bring your loan up to date after having missed one or more monthly payments during your approved Repayment Assistance Plan period.

Repayment Start Date

This is the first day after your six-month non repayment period ends.

Required Recovery Amount

The sum of your required monthly recovery payments - See Repayment Assistance Plan Recovery

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T

Term

The time (in months) assigned to repay your loan in full. Full-time student loans have a maximum term of 174 months, starting from your repayment start date. Part-time student loans have a maximum term of 114 months, starting from your interest and principal repayment start date.

The Amount Owing when your loan enters repayment determines what the term assigned to your loan will be:

Amount Owing Repayment Period
$0.01 to $1,365.99 18 months (1.5 yrs)
$1,366.00 to $2,975.99 42 months (3.5 yrs)
$2,976.00 to $4,375.99 66 months (5.5 yrs)
$4,376.00 to $6,985.99 90 months (7.5 yrs)
Over $6,986.00 114 months (9.5 yrs)

When you have a remaining term, this will be the number of months left to pay your loan in full at the current monthly payment amount and interest rate. When customizing your payment terms, your remaining term will decrease when you choose to increase your monthly payment and increase when you choose to decrease your monthly payment.

Total Gross Family Income

This is income from all sources, before taxes for you (the applicant) and your spouse/partner, if applicable.

Examples of what is considered Gross Family Income are:

  • Income from applicant's employment and, if applicable, spouse/common law partner's employment (including self-employment income)
  • Investment income such as cashed in Registered Retirement Savings Plans and interests on investments
  • Payments received through social program (e.g. Employment Insurance, Worker's Compensation, Canada or Quebec Pension Plan, Disability Support Payments)
  • Child and/or spousal support you receive (however, if the support is paid to another person, it should be deducted from the Total Gross Monthly Family Income reported on your application)
  • Monetary gifts, inheritance, awards, scholarships, bursaries, and grants

Examples of what is not considered Gross Family Income:

  • Income tax refunds, GST/HST credits
  • Federal and Provincial Child Tax Benefits
  • Universal Child Care Benefits
  • Supplements for Working Families
  • Student loan disbursements and student grants
  • Special supplements to disability support payments

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W

Weeks of Study

There are lifetime limits on the number of weeks you can receive student financial assistance. This includes interest-free periods while you are in school. Once a lifetime limit has been reached, interest starts to accumulate. You will also have to start paying back the loan six months after you graduate or finish your studies.

Full-time students can receive student financial assistance for no more than 340 weeks, except:

  • students enrolled in doctoral studies can receive student financial assistance for up to 400 weeks
  • students with permanent disability can receive student financial assistance for up to 520 weeks

Note: The number of weeks of study applies only to the Canada portion of your student financial assistance. Please contact the Province or Territory of your primary residence for the provincial or territorial portion of your student financial assistance.

Who Services the Loan?

Depending on which province approved your loan and when you received it, your student loans could be serviced with a:

  • financial institution (A bank, such as CIBC, RBC, Scotiabank or Credit Union, etc)
  • service provider (for example, Alberta Student Aid or Nova Scotia student loans with Resolve)
  • government office (such as in Manitoba)

The above is not a complete list. If you are unsure where your loan is held, call your provincial or territorial student assistance office.

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