As of March 20, 2014 we no longer charge interest on Nova Scotia Student Loans (provincial funding) for qualifying borrowers. The government has eliminated interest on your provincial student loan funding to make it easier for you to live and work in Nova Scotia. Read the announcement here.
Once you apply and qualify, the zero interest calculation will be immediately applied to your account, effective as of the date 0% interest was approved.
How much money will I save?
The exact amount you’ll save will depend on how much you owe and your interest rate. If you owe the average balance of $5600 today, you will save approximately $800 in interest over the lifetime of your loan.
Will my monthly payments go down?
The 0% Interest change doesn’t adjust your monthly payments. Once you apply and qualify, the zero interest calculation will be immediately applied to your account, effective as of the date 0% interest was approved. That means all of the monthly payment you’re making right now will go directly toward paying on the principal amount, and you’ll pay your loan down faster.
If you want to change your monthly payment, please call Resolve. They can help you with that at any time.
What happens if I move out of Nova scotia?
You must be a resident of Nova Scotia to remain eligible. You will be re-assessed for each 12-month period that follows to be sure you still qualify for 0% interest.
I just finished repaying my student loans, and/or I paid it off early. Do I qualify?
The zero interest benefit applies to qualifying students who are still in active repayment, and those who are starting repayment in the future.