Updated January 16, 2020
Published February 19, 2019

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

Frequently Asked Questions

What is changing?

• As of November 1, 2019, the interest on Canada Student Loans during the non-repayment (grace) period was eliminated. Students no longer accumulate any interest on Canada Student Loans during the six-month non-repayment period after leaving school.
• As of November 1, 2019, the variable rate was reduced to prime (from prime plus 2.5 percent) and the fixed rate was reduced to prime plus 2 percent (from prime plus 5 percent).
• Effective February 19, 2019, the interest rate charged on all B.C. Government-issued student loans is eliminated.
• Students are still 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.

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. However, interest will continue to be charged on the Canada Student Loan portion of your Canada-B.C. Integrated student loans.
• The interest rate for the Canada Student Loan portion of your Canada-B.C. Integrated student loan is either the variable rate at prime (from prime plus 2.5 percent) or the fixed rate at prime plus 2 percent (from prime plus 5 percent).

When will this change be reflected on my loan statement?

• The elimination of interest will be reflected on your student loan statements as of October 2019.
• The elimination of interest on B.C. student loans will be retroactive to February 19, 2019.