Rehabilitation after default


Am I eligible for loan rehabilitation?

The B.C. Student Loan Rehabilitation Program is available to B.C. borrowers

  • who hold a Canada-B.C. integrated student loan and wish to rehabilitate for any reason and
  • who hold a B.C. Guaranteed Loan that is now managed by RSBC and wish to rehabilitate for the purpose of applying for further student financial assistance.

How do I rehabilitate my B.C. Student Loan 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.

Mailing address:

Revenue Services of British Columbia
PO Box 9401
Victoria, B.C. V8W 9V1

Phone:

1-866-345-3930 (toll free)

Fax:

(250) 405-4412 or (250) 405-4410

Email:

Email: RevenueServicesBC@gov.bc.ca

Risk-Sharing Loans (loans issued August 1, 1995 to July 31, 2000)

The lender who cashed your risk-sharing B.C. student loan document is responsible for collecting if you default. You must negotiate with your lender to bring your loan into good standing.