Rehabilitation after default

Instructions

B.C. Student Loans

B.C. Student Loan borrowers who hold a Canada-B.C. integrated student loan and who have lost their eligibility for B.C. student financial assistance because they defaulted and wish to rehabilitate their B.C. student loan must:

• Repay the outstanding debt and all associated fees in full, or
• Meet all of the following criteria:
  • Contact Revenue Services of British Columbia (RSBC) and negotiate a payment schedule;
  • Repay RSBC all outstanding interest, NSF charges and other fees associated with the B.C. Student Loan;
  • Once all outstanding interest and fees are paid off, make the equivalent of two monthly loan payments based on the payment schedule outlined with RSBC; and
  • Ensure that RSBC repayment requirements are kept up to date until the rehabilitation request is approved.

• (i) If you hold a direct lend loan and your rehabilitation is approved, you will receive a letter from National Student Loans Service Centre notifying you that your loan is rehabilitated and that it has been sent to the National Student Loans Service Centre for collection management.
• (ii) If you hold a Guaranteed student loan and your rehabilitation is approved you will receive a letter from StudentAid BC notifying you that your loan has been rehabilitated and RSBC will contact you regarding continued repayment.