Repayment Assistance Programs

Getting Help with Repayment

Sometimes students need advice about managing their student loan payments after leaving school. You may be interested in options to help make your debt lower and to make your payments more affordable.

You are not alone: We help students like you manage their debt every day, especially as they transition from attending school to working and growing their careers. Nova Scotia Student Assistance and the Canada Student Loans Program offer several options to help you stay on track financially and keep moving toward your goals.

Repayment Assistance Plan

The Repayment Assistance Plan is available to borrowers who are having difficulty managing their monthly payments. If you apply for the Repayment Assistance Plan after November 1, 2016, you will not be required to make payments on your student loans until you are earning at least $25,000 a year. These plans make it easier for you to manage your debt by calculating an affordable monthly payment based on your family income and student loan debt level.

Apply & Info:

National Student Loans Service Centre (NSLSC) at 1-888-815-4514
or
www.canlearn.ca

  Try the Repayment Assistance Estimator


Payment Deferral Program

The Payment Deferral Program provides borrowers the opportunity to defer (delay) payment of their Nova Scotia Student Loan. All borrowers who have completed their studies can defer payments on their Nova Scotia Student Loan for up to 12 months. Borrowers participating in an approved internship / residency / apprenticeship or who are articling can defer payments on their Nova Scotia Student Loan for the duration of these programs.

During the deferral period, the borrower doesn’t make any payments on their loan(s). The interest that accumulates on the debt during the deferral period (if any) is added to the borrower’s loan balance at the same rate of interest, and is paid over the remaining repayment period of the loan (or borrowers can choose to pay it in a lump sum.)

Apply & Info:

Resolve Corporation at 1- 877-283-1687 (within North America)
or
Outside North America 905-306-2460 (can call collect)

 

Did you enter repayment before November 1, 2007?

Call NS Student Assistance Office:
424-8420 (in Metro Halifax)
or
1-800-565-8420 (toll free within Canada)


Permanent Disability Benefit Program

The Permanent Disability Benefit Program helps borrowers who have a permanent disability and who are experiencing difficulty repaying their loan(s). This program can lead to complete forgiveness of Canada Student Loans and Nova Scotia Student Loans, particularly for a person with a severe permanent disability who cannot work or go to school and who will likely never be able to repay their loans. To receive this benefit, borrowers must first apply and qualify for the Severe Permanent Disability Benefit offered by the Canada Student Loans Program. Then, they can apply separately for the Nova Scotia program.

Apply & Info:

National Student Loans Service Centre (NSLSC) at 1-888-815-4514 or
www.canlearn.ca for Canada Student Loans

THEN

NS Student Assistance Office at: 424-8420 (in Metro Halifax)
Toll Free in Canada: 1-800-565-8420 for Nova Scotia Student Loans


Revision of Terms

Revision of Terms can help borrowers who are unable to meet their monthly Student Loan repayment obligations by making their repayment period longer and their monthly payments lower.

You are normally required to repay your Canada Student Loan and Nova Scotia Student Loan over 9.5 years (114 months). Revision of Terms can extend the repayment period of your Nova Scotia loans to be as long as 14.5 years (174 months). While this option gives you lower monthly payments, it also increases the overall cost of repaying the loan(s).

Apply & Info:

Resolve Corporation at 1- 877-283-1687 (within North America) or
Outside North America 905-306-2460 (you may call collect)

  Did you enter repayment before November 1, 2007? Call Royal Bank Atlantic Student Loan Centre Toll Free: 1-800-363-3822


Interest-only Payments

Interest-only Payments can help borrowers who are unable to meet their monthly Student Loan repayment obligations by allowing them to pay only the interest on their loans for up to six months.

You are entitled to make a maximum of twelve interest-only monthly payments over the entire repayment period for that loan. This option could temporarily lower the amount you pay monthly, but does not help you pay down the principle loan amount.

Apply & Info:

Resolve Corporation at 1- 877-283-1687 (within North America) or
Outside North America 905-306-2460 (you may call collect)


Capitalization of Interest

Borrowers can add a maximum of three months of accummulated (accrued) interest into the principal amount of their loan. This is also known as "capitalizing" the interest amount to the principal of the debt. This benefit is available only once in the lifetime of the borrower's loan repayment period.

Apply & Info:

Resolve Corporation at 1- 877-283-1687 (within North America) or
Outside North America 905-306-2460 (you may call collect)


Loan Forgiveness for Doctors and Nurses in Rural or Remote Communities

Family doctors, residents in family medicine, nurse practitioners, and nurses that practice in designated rural or remote communities may be eligible to have a portion of their Canada Student Loans (CSL) forgiven.

Apply & Info:

For full eligibility criteria, and to access the application, click here.

For more information, contact the National Student Loan Service Centre.

Reservist Benefit

Canadian Forces reservists who are full-time students and have interrupted studies to serve on designated operations are eligible to receive an interest-free, no repayment benefit on their student loans while they are serving during this period.

The eligible period includes training for, deployment to, and all authorized leave periods resulting from service on designated operations. It includes preparation, training, rest, or travel from or to the employee’s residence.

Reservists will have 6 months following completion of service to enroll in full-time studies, in order to maintain their interest subsidy.

Apply & Info:

Resolve Corporation at 1- 877-283-1687 (within North America) or
Outside North America 905-306-2460 (you may call collect)