Canlearn Loan
The how, when and where of repaying Canada Student Loans depends on many factors, including where the student applied for their loans, what year they received them, and whether or not they are still in school.
When to Start Repaying Student Debt
Student must being repaying their Canada Student Loans when they:
- graduate
- go from full-time to part-time studies
- stop going to school, with or without graduating
- are taking more than 6 months off from school
- have reached their lifetime limit for financial assistance
Most loan programs offer a 6 month grace period after graduation before students must begin making payments on their debt. While no payments are due during this time, it's important to remember that interest will accumulate. Students can choose to start repaying their government loans immediately after leaving school, to pay the interest that will accumulate in one lump sum payment, or to have that interest amount added to the total amount owing.
Students are responsible to make payment arrangements with their lender, and it is recommended that students contact their lender as soon as possible after leaving school in order to arrange a payment schedule.
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