Eliminating Interest on B.C. Student Loans


Fulfilling the B.C. Government’s commitments to make post-secondary education more affordable, the interest rate on B.C. Government-issued student loans has been eliminated, as of February 19, 2019. This change benefits all current and future borrowers in repayment.

Frequently Asked Questions

What is changing?

  • Effective February 19, 2019, the interest rate charged on all B.C. Government-issued student loans is eliminated.
  • Students are responsible for paying interest that has accumulated on B.C. Government-issued student loans prior to February 19, 2019.
  • Previously, interest on the B.C. portion of student loans was charged at the prime rate.

Who will be impacted by this change?

  • This change benefits all current and future borrowers in repayment.

What interest will I still have to pay?

  • No interest will be charged on B.C. Government-issued student loans as of February 19, 2019. Interest will continue to be charged on the Canada Student Loan portion of student loans.
  • The interest rate for the Canada Student Loan portion of your integrated student loan is either a floating interest rate (the prime rate plus 2.5 per cent) or a fixed rate (the prime rate plus 5 per cent).

When will this change be reflected on my loan statement?

  • It may take several months for the elimination of interest to be reflected on your student loan statements.
  • The elimination of interest on B.C. student loans will be retroactive to February 19, 2019.