If you miss loan payments

Your loan is considered to be delinquent when you are behind in your regularly scheduled monthly payments.

Where can I get help if I miss payments?

If you are having trouble making monthly payments on your student loans, talk to The National Student Loans Service Centre.

There are programs and services available to help you manage your payments and avoid defaulting on your loan. You can apply for repayment assistance through debt management programs.

What happens if I don't repay my student loan?

If you don't repay your student loan you could face:

  • added interest charges
  • 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.

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:

  1. a. if the due date of the payment is on or after March 1, 2012; or
  2. 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.

Guaranteed loans

If your guaranteed B.C. student loan is 180 days overdue, you will not be able to get any more funding from StudentAid BC. Your lender or bank will forward your loan to Revenue Services of British Columbia. They will assign a collection officer to work with you to set a new repayment schedule.

Risk-sharing loans

If you miss two monthly payments in a row on a risk-sharing loan, you will not be able to get any more funding from StudentAid BC. Your lender or bank is responsible for collecting your loan. If you declare bankruptcy during an interest-free period, your lender or bank will send your B.C. student loan to Revenue Services of British Columbia for collection.

Who can I contact if I miss payments?

Canada student loans and
Canada-B.C. integrated student loans

Guaranteed B.C. student loans or
Risk-sharing B.C. student loans

Royal Bank of Canada
Western Canada Student Loan Centre
PO Box 4700, Stn D
Toronto ON M9A 4X5
Telephone: 1-888-359-4770

CIBC National Student Centre
PO Box 5055
Burlington ON L7R 4P3
Telephone: 1-800-563-2422

Bank of Nova Scotia
PO Box 9, Stn U
Etobicoke ON M8Z 5M4
Telephone: 1-888-284-3044