Repay your Canada Student Loan

It is time to start repaying your student loan(s) when:

  • you have completed your program;
  • you are no longer registered in school; or
  • your enrolment is not confirmed.

Once you start repaying your loan, you will receive an annual tax credit for any interest paid.

Learn more about tax credits.

If you have any questions or if you need help repaying your loan, please Contact us.

Non-repayment Period (Grace Period)

The non-repayment period is the first six months after your Period of Study End Date. During this period, you are not required to make payments. However, interest may begin to accrue on the principal amount of your outstanding loan balance.

During the six-month non-repayment period, you can:

  • start making payments right away;
  • pay any accumulated interest as a lump sum prior to making your regular payments; or
  • add the interest amount to your outstanding loan balance (this will increase the amount of interest you will pay over the course of our loan repayment period).

At the end of the six-month non-repayment period, you will be required to start making regular loan payments. We will notify you before your loan enters repayment. Please ensure that you keep your contact information up-to-date.

Your loan payments will start to be automatically withdrawn after the six-month non-repayment period from the same financial institution account where your loans were deposited (if you had arranged for direct deposit).

You will receive a tax credit for the interest that you pay in each calendar year.

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

Repayment Period

Repayment begins at the end of the six-month non-repayment period. This is when you start making regular loan payments.

In the last month of your non-repayment period, you will receive a repayment notification in your secure inbox. It is important to review the following loan details:

  • Amount owing
  • Repayment start date
  • Interest rate type (fixed or floating)
  • Payment amount and frequency
  • Recurring payment day
  • Payment method (pre-authorized debit or other)
  • How long it will take to pay back your loan

You can also estimate your monthly payments with the Loan Repayment Estimator.

During repayment, you can customize your payment terms and make repaying your loan work with your current financial situation.

Make payments via pre-authorized debit, cheque, online banking, telephone banking or directly through your financial institution.

Government of Canada Tax Credits for Student Loans

A student loan tax credit allows you to deduct some of the interest that you pay on your student loan each year.

This credit applies to the interest payments you make on loans. You will receive your Interest Paid statement in your secure inbox.

Visit Canada.ca for more information on how to claim the interest paid on your tax return.