Six months after you have completed full-time study, whether you have graduated, transferred to part-time studies, withdrawn, or you are taking time off, you must begin repaying your student loan. This repayment phase is called Student Loan Consolidation. Any grants you received do not have to be repaid.
Once you reach the end of your study period, you have up to six months to begin repaying your Canada-Saskatchewan Integrated Student Loans.
Note: Interest will accumulate on the Saskatchewan portion of your student loan during this six-month period and will be added to your loan amount.
The National Student Loans Service Centre (NSLSC) manages the repayment of your student loans. Prior to your loans entering the repayment phase, the NSLSC will send you a Consolidation Letter that outlines the repayment terms of your loan and your minimum monthly payment. You can also negotiate other loan repayment options with the NSLCS.
Some options include:
- changing your monthly payment amount;
- making a lump sum payment; or
- paying off your loan early.
To compare different repayment options, check out the Loan Repayment Estimator.
Contact the NSLSC if you have not received your repayment information within five months of your study period end date.
How to Pay Off Your Student Loans Faster
Make lump-sum payments: Lump-sum payments help reduce the total interest paid on your loan. Payments made while still in school, during your non-repayment (grace) period, or even after you begin repayment are first applied to any outstanding interest and then directly toward the principal.
Increase the amount of your monthly payments: The amount you pay above your minimum monthly payments is applied directly to the principal.
Managing Your Debt – Repayment Assistance Plan (RAP)
As a borrower, you are required to repay your student loan. Missing payments could damage your credit rating. If you are having difficulty meeting your loan payment obligations, you may qualify for the Repayment Assistance Plan (RAP).
Under RAP, you only pay back what you can reasonably afford, based on your family income and size. Monthly payments are limited to no more than 10 per cent of your gross family income. No borrower on RAP will have a repayment period lasting more than 15 years. If you have a disability, your RAP repayment period will not last longer than 10 years. If you earn very little income, you might not be required to make loan payments at all until your income increases.
Contact the NSLSC to apply.
If you have any questions related to RAP or student loan repayment, please contact the NSLSC.