The six months after you leave full-time study is called your grace period. During the grace period, the interest of your loan will accumulate, but you are not required to make payments.
Make sure your lenders have your current contact information. If your loan involves the National Student Loan Service Centre (NSLSC) (all but NU, QC, NWT), you will be emailed an invitation to log in to your NSLSC secure account to find details on your repayment – the amount you owe, when and how to make payments, and your rate of interest. If you don’t receive an email, contact them to ensure they have your latest email 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.
After your six month grace period ends, you will automatically enter repayment and payments will be withdrawn from your bank account at the end of each month, unless you indicate otherwise.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.