If you don't repay your student loan you could face:
- loss of eligibility for future StudentAid BC funding
- being contacted by a collection agency
- a bad credit rating and inability to get credit, for example not being accepted for contracts for cellular phones, etc.
- loss of future income tax refunds and tax rebates
- being taken to court
- garnishment of your wages
- liens against your property
All repayment activities are reported to the credit bureau. Missing payments affects your credit rating.
IMPORTANT NOTICE TO BORROWER: NSF Fees
If your B.C. student loan agreement is for loan amounts disbursed from August 1, 2000 to August 1, 2011, then effective March 1, 2012, NSF charges for non-sufficient funds will no longer be applied under your B.C. student loan agreement in respect of dishonoured payments in the following circumstances:
- a. if the due date of the payment is on or after March 1, 2012; or
- b. if the due date of the payment is before March 1, 2012, and the payment is credited and reversed effective on or after March 1, 2012.
Direct Lend Canada-B.C. integrated loans
If your Canada-B.C. integrated student loan is 270 days overdue, your loan will be considered in default and collection activities will proceed.
Defaulting on your loan can disqualify you from:
- Receiving future student financial assistance.
- Applying for repayment assistance under the Repayment Assistance Plan.
- B.C. debt management measures.