I have government student loans and I just finished my term or program, when do I start paying my student loans back?
Interest starts to accrue immediately after you leave school, payments start 6 months after you leave school.
As the repayment date nears, the lenders will mail you forms to complete, sign and return to them. The forms will tell you how much you have borrowed from each lender, how much your monthly payments will be, and when your first payment will be due.
Who will I make payments to, for student loans issued after August 2000?
If a province other than BC issued your student loans, make sure to check repayment information on the Canlearn website: http://www.canlearn.ca/eng/after/payingback/hmp.shtml
If StudentAid BC issued your student loans you will have two lenders to repay as follows:
National Student Loans Service Centre (Canada Student Loan)
P.O. Box 4030
Mississauga, Ontario L5A 4M4
Phone: 1-888-815-4514
Fax: 1-888-815-4657 or 1-866-656-5639
Web: www.canlearn.ca
and
B.C. Student Loan Service Bureau (BC Student Loan)
P.O. Box 4878, Station Terminal
Vancouver, BC V6B 4A4
Phone: 1-877-535-7680
Fax: 1-877-535-7681
Web: www.bcslservicebureau.com
It has been more than six months since I left school, why haven’t I received repayment forms from the lenders?
If you moved, or changed your contact information, they may be trying to reach you. Don’t wait, be proactive and call them, and always provide address and contact information changes to the lenders.
Where can I find general student loan repayment information (interest rates, repayment period, etc.) before my loans come due for repayment?
For your Canada Student Loan, go to: http://www.canlearn.ca/eng/after/payingback/index.shtml
For your BC Student Loan, go to: http://www.aved.gov.bc.ca/studentaidbc/repay/welcome.htm
If I receive the repayment forms and can’t afford the monthly payment, what should I do?
Check out the debt management tools each lender has posted on their website and call them to discuss your situation to see if you can make reduced payments for the time being.
For your Canada Student Loan held at the National Student Loan Service Center, go to: http://www.canlearn.ca/eng/after/repaymentassistance/index.shtml
For your BC Student Loan held at the BC Student Loan Service Bureau, go to: https://www.bcslservicebureau.com/Content/Policy_Assist.html
Is there a way to estimate how much my monthly payments will be before my loans come due for repayment?
Yes. Have a look at the Canada Student Loan repayment calculator located at:
http://tools.canlearn.ca/cslgs-scpse/cln-cln/40/crp-lrc/af.nlindex-eng.do
You can use the same repayment calculator to see how much your BC Student Loan payments would be, just make sure to choose the floating interest rate (prime + 2.5%), that is the only one that BCSL Service Bureau offers.
I have student loans that were issued before August 2000, who will I make payments to?
Student loans issued in BC between August 1995 and August 2000, were cashed at one of the three following banks. Contact the student loan center of the bank you used to cash your student loan, for repayment options.
CIBC National Student Loan Center
P.O. Box 5055
Burlington, ON L7R 4P3
Phone: 1-800-563-2422
Fax: 1-800-443-3243
RBC Royal Bank Student Loan Center
P.O. Box 4700, Stn. D
Etobicoke, Ontario M9A 4X5
Phone: 1-800-363-3822
Fax: 1-888-348-8283
Scotia Bank – Government Student Loan Administration Center
P.O. Box 9, Station U
Etobicoke, Ontario M8Z 5M4
Phone: 1-888-284-3044
Fax: 1-888-821-5510
Ok, I have read through all of the information but I still have some questions, who can I talk to at Okanagan College about student loan repayment?
Us! Please call Financial Aid & Awards at:
Local call: 250-862-5419
Toll-free in BC: 1-800-767-5492
