Effective August 1, 2017, the interest rate for provincial student loans will be reduced.
As part of government’s commitment to making life more affordable by phasing out interest on B.C. student loans, as of August 1, 2017, the interest rate for the floating rate provincial student loan will be reduced by 2.5% to the prime rate, and the fixed rate provincial student loan interest rate will be reduced by 5.0%, also to the prime rate. The interest rate for federal floating rate student loans remains at the prime interest rate plus 2.5%, and at the prime interest rate plus 5.0% for fixed rate loans. For more information on repaying your loans, please contact the National Student Loans Service Centre at 1-888-815-4514.