Repaying my student loans

After your 6-month grace period ends, you will automatically enter repayment, and payments will be withdrawn from your bank account at the end of each month, unless you indicate otherwise.

The date you leave full-time study is the date you last attended school, not the date of your graduation ceremony. If you withdraw part-way through your study period, you will enter repayment 6 months from the date of your withdrawal.

If you were previously a full-time student and are now returning to part-time study, you will enter repayment 6 months after leaving full-time study. You may be eligible for part-time student loans, if you need further financial assistance.

Monthly repayments

To find out the amount of your monthly payments, check your Consolidation Agreement(s). You’ll receive one in the mail from each of your lenders about 5 months after graduation or the date you leave full-time study, whichever comes first. The Consolidation Agreement outlines your loan repayment details, including: your balance owing, expected monthly payments, the start date of repayment, the length of repayment, and interest rate options. You can also use the CanLearn Loan Repayment Estimator to find out how much your payments will be ahead of time.

Repayment interest information

Depending on your provincial or territorial loan provider, you may or may not be charged interest during repayment. Learn more on the National Student Loans Service Centre webpage or through your loan provider.

Repayment period

A Canada Student Loan is normally paid off over a repayment period of 9.5 years. If your monthly payments are too high to manage, the repayment period for your Canada Student Loan or BC Student Loan can potentially be increased up to 14.5 years. Contact the National Student Loans Service Centre (NSLSC) for more information.

If you’re able to afford increased monthly payments, paying off your loans as quickly as possible will decrease the overall amount of interest that you will pay, if applicable. You are also able to make lump sum payments at any time without penalty.

Repayment for graduate and unclassified students

If you’re returning to UBC for graduate studies, you must be paying full-time fees as a graduate student to qualify for student loans or payment-free and interest-free status.

Unclassified students can receive student loan funding or interest-free status for a maximum of 52 weeks if registered in 60 percent of a full-time course load.

You can also apply for government student loans or interest-free status through your home province. Out-of-province students must have interest-free documents completed by their institution. If you are attending a foreign institution or are unsure if your program is eligible, please contact your loan provider.

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 part way through your study period, your repayment start date will be based on the date of your withdrawal and not the original term end date.

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