Repaying my student loans

Repaying Canadian student loans

Grace period

The six months after you leave full-time study is called your grace period. The date you leave full-time study is the date you last attend school and not the date of your graduation ceremony. During the grace period, your loans will accrue interest but you will not have to make payments.

Make sure your lenders have your current contact information. They will mail you about your amount owing, when and how to make payments and interest rate information.

The grace period is a good time to review your payment information and modify the terms if you need to. You will also be able to contact your lender after repayment begins to discuss or modify your repayment terms.

Repayment

After your six month grace period ends, you will automatically enter repayment and payments will be withdrawn from your bank account at the end of each month, unless you indicate otherwise.

To find out how much your payments will be ahead of time, use the CanLearn Loan Repayment Estimator.

The date you leave full-time study is the date you last attended school and not the date of your graduation ceremony. If you withdraw partway through your study period, you will enter repayment six months from the date of your withdrawal.

If you are returning to part-time study and were previously a full-time student, you will enter repayment six months after leaving full-time study. You may be eligible for part-time student loans, if you need further financial assistance.

Loan repayment guide

Know your next steps so you can stay on track.

Repaying US loans

Make sure to read the repayment information on the US Department of Education website for complete details on the repayment process for students with US loans.

Repayment for Parent PLUS and Graduate PLUS loans begins on the date the loan is fully paid out

If you withdraw partway through your study period, your repayment start date will be based on the date of your withdrawal and not the original semester end date

When you enter repayment you’ll be required to complete exit counselling

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