0% interest on Nova Scotia student loans
Nova Scotia Student Loans (provincial funding) offers the 0% interest benefit for qualifying student borrowers who have graduated and reside in Nova Scotia making it more affordable for you to live and work in Nova Scotia.
Qualify
To qualify for 0% interest on Nova Scotia student loans, you must have:
- entered repayment and hold a Nova Scotia student loan (provincial loan)
- graduated from a designated program
- file your income tax return as a resident of Nova Scotia
How to apply
Student Assistance is in the process of automating this benefit by eliminating the annual application.
If you have signed a tax consent on or after 1 August 2020, you will automatically receive this benefit. If your graduation information is required, we will notify you through your MyPATH account.
If you have signed a tax consent prior to 1 August 2020, you will need to apply. Login to MyPATH and select the 0% interest application. Upon receipt of a newly signed tax consent, we will automate your benefit. If your graduation information is required, we will notify you through your MyPATH account.
About the benefit
The zero-interest benefit applies to qualifying students who are still in active repayment and those who are starting repayment.
You must also be a resident of Nova Scotia to remain eligible. If you move out of Nova Scotia, you are no longer eligible. It only applies to Nova Scotia Student Loans and does not apply to federally funded Canada Student Loans.
The exact amount of money you'll save will depend on how much you owe and your interest rate. If you owe the average balance of $5,600 today, you will save approximately $800 in interest over the lifetime of your loan.
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. That means all the monthly payments 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.