Understand loan repayment

You have six months from your study period end date before you must start paying back your loan.

When should I start repayment?

Starting your repayment early will reduce your debt load after graduation because payments are applied directly to the outstanding principal balance.

Contact the lender(s) holding your student loans to arrange repayment if you:

  • have finished your program;
  • have transferred to part-time studies;
  • are taking time off for more than six months that is not an approved medical or parental leave;
  • have withdrawn from school completely;
  • want to make payments while still in school; or
  • have reached your lifetime limit for student financial assistance and you are still in full-time studies, but you did not apply for a payment referral via the NSLSC or by submitting a Schedule 2 Confirmation of Enrolment form

What is loan consolidation?

Consolidation means your lender has given you a "repayment date." It starts on the first day of the seventh month after you stopped attending full-time studies or withdrew from classes.

The National Student Loans Service Centre (NSLSC) will automatically send you a consolidation agreement, approximately 45 days before you enter repayment.

Your consolidation agreement shows:

  • The details of your current outstanding Canada-B.C. integrated student loans balance.
  • Your monthly payment and when it is due. Please note that your payments will be prorated to your Canada and BC student loan debt, based on each loan’s portfolio outstanding balance.
  • How long you have to repay.
  • The bank account from which payments will be withdrawn.

Your credit rating stays in good standing (not restricted, not in default/delinquent/bankruptcy, no provincial or federal overaward restrictions) with Canada-British Columbia integrated student loans and/or other BC and Canada student loans (risk-sharing or guaranteed) when you meet the terms of the consolidation agreement and repayment schedule by making your monthly payments on time.

The consolidation agreement lets you:

  • Review your loan information.
  • Review your bank account information.
  • Establish your loan repayment options including:
    • Setting up the pre-authorized payment plan
    • Review repayment assistance plans
  • Change the day your monthly payment comes out of your account. If you do not arrange a different schedule, your payment will automatically come out on the last day of the month.
Please sign and return the consolidation agreement to the NSLSC . If you do not, payments will automatically be withdrawn directly from the bank account that you provided when you negotiated your master student financial assistance agreement.
Important: If you plan on applying for loan forgiveness any payments you make prior to your approval for loan forgiveness will not be used in the calculation for eligibility; therefore, you will not be eligible for loan forgiveness on payments made prior to your loan forgiveness application being reviewed and approved.

What type of loan do I have?

Use this table to find out what type of loan you have. Knowing what type of loan you have will help with understanding your repayment terms.

Issue date Type of B.C. student loan Financial institution administering the loan
On or after Aug. 1, 2000 Canada-B.C. integrated student loan National Student Loan Service Centre
Aug. 1, 1995, to July 31, 2000 Risk-sharing Bank
On or before July 31, 1995 Guaranteed Bank or credit union

Repayment of Canada-B.C. integrated student loans

For student loans received after August 1, 2000

If you received loans after August 1, 2000 they are a joint federal-provincial student loan (Canada-B.C. integrated student loan).

You will repay your student loans through the National Student Loans Service Centre (NSLSC).

  • Around 45 days before you enter repayment, the NSLSC will send you a consolidation agreement combining all your loans you received after August 1, 2000 so you can make one payment.
  • Make sure you understand the terms of the consolidation agreement and choose the repayment options that are best for you.
  • Sign and return the consolidation agreement to NSLSC.

Repayment of Canada and B.C. student loans

For student loans received before August 1, 2000

If you received a student loan before August 1, 2000 you have risk-shared and guaranteed loans. Contact the lending institution that holds these outstanding loans for all information on repayment.

Canada and B.C. student loans are repaid separately, however only one payment may be required.

  • Canada student loans are repaid to the federal government.
  • B.C. student loans are repaid to the Province of British Columbia.

Repaying Canada student loans

To find out more information about repaying your Canada-B.C. integrated student loans, visit the National Student Loans Services Centre website.

Repaying B.C. student loans

There are three types of B.C. student loans: direct lend , risk-sharing and guaranteed . You must make a separate payment for each type of loan you have.

If you received a B.C student loan after August 2000 you have direct lend B.C. student loan. Risk-sharing and guaranteed loans are no longer issued, but they must still be repaid if you have them.

You are responsible for contacting all your lenders to update your address if you move.

How do I change my bank account information?

If you have a Canada-BC integrated student loan and a valid MSFAA, you can sign up for the Pre-Authorized Payment Plan or update your banking information by logging on to your NSLSC account. Instructions on how to do this can be found on the Additional Resources page located on the NSLSC website.

Note: the NSLSC can only keep one bank account on file for all your loans, so you only need to complete this form once even if you have more than one loan.