Update: Student loan payments and interest are suspended until September 30
The National Student Loans Service Canada (NSLSC) has shared the latest news on student loan payments in Canada. The short version is: loan repayment will be suspended until September 30, 2020.
Loans: federal, provincial, both?
If your loan is from the following provinces, this new policy applies to both the federal and provincial parts of your loan:
- Newfoundland and Labrador
- New Brunswick
- Ontario
- Saskatchewan
- British Columbia
If your loan came from the following, this grace period only applies to the federal part of your loan. Your province may have more details on the provincial side, so contact them for details.
- Prince Edward Island
- Nova Scotia
- Alberta
- Manitoba
How will this affect you?
If you're still in school
No change for you; you're not in repayment yet so interest is not accumulating, and you have no payments to make.
You're in your six-month non-repayment period
This is already interest-free for national, BC, and Newfoundland loans. Interest normally accrues on the provincial part of your loan in Ontario, New Brunswick, and Saskatchewan, but between March 30 and September 30, the loan will be interest-free.
If you've already started repaying your loan
You don't have to do anything! Your loan will be interest and payment free until September 30. You'll have to start repaying come October, though you should stay tuned for more details on repayment options as they become available.
What do you have to do?
Nothing! If you're already repaying via pre-authorized debit, your payments are automatically stopped. If you're paying by cheque, you can stop sending them in until October. No interest, no payments!
The updates might take some time to appear on your NSLSC account. Be sure to log in to confirm over the next few days.
We'll do our best to keep you updated with the latest.
Previously:
The Government of Canada has announced its COVID-19 Economic Response Plan, and there's good news for students.
As part of its $82 billion dollar plan to support Canadians during the COVID-19 pandemic, the federal government is putting a moratorium on Canada Student Loan payments, for six months, interest free.
Six Months of Repayment Relief
This goes for anyone with a Canada Student Loan who's currently in repayment. At least that's one less thing to worry about for students during this crisis.
The government announced many other measures, and full details around implementation are to come.
You can find the latest information on the coronavirus outbreak on the Public Health website.