Global College Student Loan Repayment Resources
Student loans are like any other loan. After you graduate or leave school, you must pay the loan with interest. You are responsible for paying all the loans you borrowed to help fund your education, according to the terms and conditions detailed on your Master Student Financial Assistance Agreement (MSFAA).
You’ll repay your Canada student loan six months after you leave school.
Your Canada Student loan can be managed online through the National Student Loans Service Centre (NSLSC) Online Services at this website: National Student Loans Service Centre (canada.ca)
Click the following link to Register Your Online Account:
https://www.csnpe-nslsc.canada.ca/en/home
Click the following link to the National Student Loans Service Centre for more website information regarding repaying your loans. https://www.csnpe-nslsc.canada.ca/en/repaying-your-loan
You will start repaying your Alberta Student Loan twelve months after you leave school. The floating and fixed interest rates on Alberta student loans are reduced to the prime rate as of July 1, 2023. For Alberta loans before July 1, 2023, the floating rate is CIBC prime rate plus 1%, and the fixed rate is CIBC prime rate plus 2%.
Provinces with Integrated Payment:
The National Student Loan Service Centre (NSLSC) will manage your federal and provincial loan repayment if you apply from the following provinces. Before you start the repayment phase, the NSLSC will send you a Consolidation Letter that outlines your repayment terms and minimum monthly payment.
| Province | Integrated Payment Link |
|---|---|
| British Columbia Residents: | https://studentaidbc.ca/index.php/repay/understand-loan-repayment |
| Saskatchewan Residents: | https://www.saskatchewan.ca/residents/education-and-learning/student-loans/after youapply/repay-your-student-loan |
| Ontario Residents: | https://www.ontario.ca/page/pay-back-osap |
| Newfoundland and Labrador: | https://www.gov.nl.ca/education/studentaid/repay/repayment-process/ |
| New Brunswick: | https://www.nbjobs.ca/student-financial-services/repaying |
Provinces with Separate Payment:
If you have a loan from one of the following provinces, you will have two (2) loan payments. Which means you need to manage two debts and two payment schedules. Aside from your NSLSC account, you must create additional accounts through these websites to pay your provincial loan.
| Province | Your Provincial loan can be managed online through these websites: |
|---|---|
| Alberta | https://myloan.studentaid.alberta.ca/ |
| Manitoba | https://www.edu.gov.mb.ca/msa/ |
| Nova Scotia | https://www.resolvestudentloans.ca/Eng/index.aspx |
| PEI | https://pei.edulinx.ca/Eng/index.aspx |
Student Loan Grace Period:
The first six (6) months after you leave school, beginning the first day of the month after your end date. Loans are interest-free during this time. You can make payments, but it is not required. Payments made in the first six months after you finish school will go directly to the principal loan, allowing you to pay off your loan faster.
Please click the link below if you would like to quickly compare the two types of student loan interest rates and monthly payments charged by the Canada Student Financial Assistance Program. https://tools.canlearn.ca/cslgs scpse/cln-cln/crp-lrc/af.nlindex-eng.do
Repayment Phase:
It begins six months after you leave school. Interest accumulation is permanently eliminated on all Canadian Federal student loans, including loans currently in repayment as of April 1, 2023. Students are still responsible for paying any interest that may have accrued on their Canada loans before April 1, 2023.
Schedule and Amount:
Your monthly payment is automatically calculated. Your repayment schedule depends on your loan balance (how much you owe), the type of interest rate (the fee you pay to borrow money), and your repayment term (how many months it will take you to pay off your loans based on your chosen repayment schedule).
Repayment Assistance Plan:
Depending on your income, you may qualify for reduced or no payments.
You can apply for repayment assistance as soon as you start repaying your student loans and anytime while in repayment. You must reapply every six months to stay eligible. Please check this website for comprehensive information.
Contact Number:
Canada Student Loan Service Centre: 1-888-815-4514 | Alberta Student Aid: 1-855-606-2096
Important:
Please attend the Global College Student Loan Repayment Workshop for hands-on support on budgeting your household income and how to manage your loan responsibilities.
