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:

  • 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.