Repay Your Canadian Loans
Repay Your Canadian Loans
Whether you choose to continue studying and need interest-free status or it’s time to repay your Canadian loans, we want to make sure you’re prepared.
Get Started
As you finish up your time at Toronto Metropolitan University (TMU), it’s also time to think about repaying your provincial and territorial loans. Don’t panic — you have a 6-month grace period (and if you're an Alberta student, you have a 12-month grace period)! We’re going to explain who you’re paying back and how, and who to contact if you need help.
Let’s make sure you’re prepared!
Though you’re borrowing government financial aid from your provincial or territorial lender (i.e. OSAP, StudentAid BC, etc.), it’s the NSLSC that you pay back. The NSLSC is an independent, third-party agency responsible for disbursing and collecting student loan funding in Canada. You can think of them as the “banker” of student loans.
It’s important to remember that when you participate in a government financial aid program, you’re entering into a contract with the provincial and federal governments. Part of that contract states that you'll assume responsibility for maintaining your student loans. This can mean:
- Repaying your student loans when you officially enter repayment
- Establishing interest-free status when you’re continuing studies
Using Your NSLSC Account
Through your personalized and secure NSLSC account (external link) , you can find detailed information related to your overall student loans. You can also use your NSLSC account to:
- Check your student loans status and balances
- Track your student loan funding disbursement
- Update your banking information
- Make a payment towards your student loan
- Access loan statements for tax purposes
- Update your contact information
- Apply for repayment assistance
- Request a change to the terms of your repayment
Check Your NSLSC Account Regularly
It's important that you proactively monitor your NSLSC account (external link) for any changes to your profile information and enrolment (such as study period start and end dates, program information, etc). We recommend checking your NSLSC account at least weekly so you don’t miss important updates.
Contact NSLSC
At the end of every study period, the NSLSC sends Period of Study End Date communications to students. Period of Study End Date refers to the last date you were enrolled in studies at TMU and accessing either provincial or territorial loans, an interest-free status or a Schedule 2.
Essentially, the NSLSC uses this date to determine the start of your loan repayment. It’s separate from graduation/convocation and doesn’t mean you withdrew or completed your degree/certificate.
Following the Period of Study End Date, you’ll enter into a 6-month Non-Repayment Period (12 months for Alberta students) with the NSLSC.
During this 6-month period (12 months for Alberta students):
- You’re not required to make loan payments
- Provincial loans start accruing interest the next calendar month following your study period end
Note: Federal loans don't accrue interest. The federal government eliminated interest on federal student loans effective April 1, 2023.
Towards the end of this grace period, you’ll receive a Consolidated Loan Package via your NSLSC account. This package explains:
- Your total number of payments
- The date of your first payment
- The interest rates used to calculate your payment
Your provincial and territorial student loans begin to collect interest once you’re no longer enrolled in full-time or part-time studies. This could mean that you’ve:
- Graduated
- Dropped from a full-time to a part-time course load
- Withdrawn from studies (permanently or temporarily)
The Repayment Assistance Program (RAP), offered by the NSLSC, is designed to help you manage your student loans. Depending on your income, you may qualify for reduced or no payments. Visit the NSLSC website for more information on RAP and your loan repayment options (external link) .
You may be eligible for Canada Student Loan Forgiveness if you work in an eligible rural area or a population centre with a maximum of 30,000 people living in it. To apply, you must work as a:
- Family doctor
- Family medicine resident
- Nurse
- Dentist
- Dental hygienist
- Early childhood educator
- Midwife
- Personal support worker
- Pharmacist
- Physiotherapist
- Psychologist
- Social worker
- Teacher
To learn more about eligibility and how to apply, visit the Government of Canada’s Canada Student Loan Forgiveness (external link) page.
