Repayment Process

When Do You Pay Back Your Loan

Full-Time Student Loans

Repayment begins six months after your full-time studies end.

You may:

  • have graduated from your studies;
  • have transferred to part-time studies;
  • have left school; or
  • are taking time off school for more than six months.

You are not required to make payments on your full-time loan if you are a full-time student (even if not receiving student financial assistance). However, to avoid going into repayment, your school must confirm your enrolment with the National Student Loans Service Centre. Full-time students have a six-month non-repayment period that begins when they cease to be a full-time student. Canada Student Loans are interest-free as of April 1, 2023.

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Part-Time Student Loans

Repayment begins six months after your part-time studies end.

You are not required to make payments on your part-time loan while you are in-study and interest does not begin to accrue until your studies are complete or you are no longer a student. Part-time students have a six-month non-repayment period that begins when they cease to be a part-time or full-time student. Canada Student Loans are interest-free as of April 1, 2023.

Note: You are not required to make payments on your part-time loan if you are a full-time student. However, your school must confirm your full-time enrolment with the National Student Loans Service Centre or you will go into repayment automatically.

Part-time students with a full-time student loan are required to follow the repayment schedule for their full-time loan while enrolled in part-time studies. Contact StudentAidNL or the National Student Loans Service Centre to determine your status.

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Making Payments on Your Loan

When you are nearing the end of your six month non-repayment period, you should receive a notice that your loan repayment is about to begin. If you have not received notification, make sure you contact National Student Loans Service Centre (NSLSC) at 1-888-815-4514.

If you have both a full-time and part-time student loan, you will be required to set up two separate payment schedules.

It is your responsibility to contact the NSLSC to set up a repayment schedule. If you do not make contact, the NSLSC will automatically withdraw your loan payments from your bank account. Always ensure your contact information is up to date with the NSLSC.

You should review all aspects of your loan(s) and finalize details concerning:

  • how much you owe;
  • the bank account you will use to repay the loan;
  • the monthly amount that will be withdrawn from your bank account;
  • the date it will be withdrawn; and
  • how long it will take to pay back your loan(s).

You can make monthly payments to the NSLSC through automatic withdrawal, cheque, online banking, or telephone banking.

You can log into your NSLSC account to access your repayment details.

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Interest Rates on Your Student Loans

Student loans provided by StudentAidNL are a combination of Provincial Student Loans (Government of Newfoundland and Labrador) and Canada Student Loans (Government of Canada):

  • Newfoundland and Labrador Student Loans are interest-free.
  • Canada Student Loans are interest-free.

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Repayment Assistance

There are repayment assistance options available to assist you.

Contact the National Student Loans Service Centre (NSLSC) for more information.

If you have defaulted on your loan and it has gone to collection, refer to Default/Collections/Rehabilitation.

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