The National Student Loans Service Centre is excited to announce the launch of our newly redesigned website with new features.
The following measures are being put in place to support student loan borrowers during COVID-19:
- Student loan repayment will be suspended until September 30th, 2020:
- If you are registered for pre-authorized debit, they will be automatically stopped so you do not have to do anything.
- If you are making payments by cheque or other means, you are not required to make payments during the suspension period.
- If you want to continue making payments on your loan, you may do so by logging in to your secure NSLSC account and using the Make a Payment option or through online banking.
- Interest will not be charged to borrowers on their student loans from March 30th, 2020 to September 30th, 2020.
If your loan was issued by NL, NB, ON, SK or BC, this applies to both the federal and provincial portions of your student loan.
If your loan was issued by PEI, NS, AB or MB, NSLSC only administers the federal portion of your loan, and therefore, this applies to your Canada Student Loan only. However, your province may already have announced similar measures for the provincial portion of your loan; please contact the issuing province for more information.
Note: It may take some time for these measures to be applied to your NSLSC online account. As such, your student loan account may temporarily reflect incorrect information.
How does the suspension affect you if:
You are still in school
The suspension does not impact your loan since you have no payment to make and interest does not accumulate while you are in-study.
You are in your six-month non-repayment period
Payments are never required during the non-repayment period.
- The non-repayment period is already interest-free for Canada, BC and NL loans;
- Interest accrues on the provincial portion of the loan for ON, NB and SK; however, between March 30th and September 30th, ON, NB and SK loans will be interest-free.
If your non-repayment period is set to end during the suspension period, payments and interest will automatically be suspended until September 30th and you will start repaying your loan in October 2020.
You have already started to repay your loan
You do not have to do anything; your loan will be interest and payment free until September 30th and you will resume repaying your loan in October 2020. We will provide further information over the coming weeks on repayment options for October.
Managing Your Money
It is always the right time to start thinking about your finances. Visit our new Managing Your Money page for some tips to help you create or stick to a budget. This will help set you up for success when it comes time to repay your student loan(s).
Customize Your Payment Terms Online
Changing your student loan repayment terms has never been easier! If you have a full-time loan that is up-to-date, and you want to change your monthly payment amount or simply see what other repayment terms may fit your situation better, you can now do this through your NSLSC account. No more calling the NSLSC, no more paper forms, simply log in and update your repayment terms with a click of a button.
Virtual Repayment Counsellor
Entering Repayment? If you have a full-time loan, you have a Virtual Repayment Counsellor to advise what debt management benefits are available to you.
Make a Payment Online
Making payments on your student loan is now easier than ever. Log in to make a payment using the banking information on your NSLSC account.
If you are a full-time student, you can now view the status of your funding request anytime with the new Funding Tracker available when you log in to your NSLSC account.
Making payments on your student loan can be quick and easy. You can now set up Pre-Authorized Debit when you log in to your NSLSC account to make your student loan payments virtually effortless.
New Registration Process
In April 2018, the NSLSC launched a new registration and log in process using the Government of Canada’s authentication process for students who were required to complete a Master Student Financial Assistance Agreement (MSFAA).
This is now available to all NSLSC users and is required to access your online account going forward. The registration process includes setting up a new username and password with GCKey or using your financial institution log in with SecureKey. Start your registration now.
Electronic Master Student Financial Assistance Agreement (MSFAA) for Part-Time Students
Both full-time and part-time students can now complete the process electronically.
You can now easily update your contact details and banking information online. Log in to explore the new and improved NSLSC website.
We hope you will find it easier to navigate and find what you are looking for quickly and efficiently.