As part of its $82 billion dollar plan to support Canadians during the COVID-19 pandemic, the federal government is putting a moratorium on Canada Student Loan payments, for six months, interest free.
How will this affect you?
If you’re still in school
No change for you; you’re not in repayment yet so interest is not accumulating, and you have no payments to make.
You’re in your six-month non-repayment period
This is already interest-free for national, BC, and Newfoundland loans. Interest normally accrues on the provincial part of your loan in Ontario, New Brunswick, and Saskatchewan, but between March 30 and September 30, the loan will be interest-free.
If you’ve already started repaying your loan
You don’t have to do anything! Your loan will be interest and payment free until September 30. You’ll have to start repaying come October, though you should stay tuned for more details on repayment options as they become available.
What do you have to do?
Nothing! If you’re already repaying via pre-authorized debit, your payments are automatically stopped. If you’re paying by cheque, you can stop sending them in until October. No interest, no payments!
The updates might take some time to appear on your NSLSC account. Be sure to log in to confirm over the next few days.