So... you've got a student loan!
Making a decision to pursue your education was an important one… we were happy that you chose our college for this significant step in your life. Taking out a Canada Student Loan was an important decision as well. Even though your program is now finished, we are still going to be there for you. This can be a very intimidating time if you have never had a Canada Student Loan before. No worries…we will guide you through the repayment process so that the decision to further your education will continue to be a good experience for you.
QUICK FACTS:
Keep in contact with the college and your lenders.
YOU MUST notify all parties when you have a change in your address or phone number.
We cannot be there for you if we can’t reach you!
All student loans must be repaid whether you have successfully graduated or not.
The six months after you leave school is called your Grace Period.
You are not required to make payments during your Grace Period but interest will accrue on your Canada Student Loan during this time.
You will have to start repaying your student loans the 1st day of the seventh month after your last day of studies.
Payments are due at the end of that month. For example: Jake finishes classes on September 15th.
His Grace period is from October to March. First payment will be due on his Canada Student Loan on April 30th.
You may have more than one lender to
repay if you have received both Federal and Provincial funding. Please click on the province from where you obtained your loans.
You will see the lenders you will need to contact as well as valuable repayment information.
On the Can Learn site you will find information applicable for all provinces.
Choose the link for your province:
Nova Scotia 1-800-565-8420
New Brunswick
1-800-667-5626
Saskatchewan
1-800-597-8278
Ontario
1-877-672-7411
Newfoundland
1-888-657-0800
Manitoba
Prince Edward Island
1-902-368-4640
Alberta
1-800-222-6485
Can Learn - All Provinces
During your Grace Period, you should receive a Consolidation Letter and Agreement from the National Student Loan Service Centre for your Canada Student Loan.
IF YOU DON’T RECEIVE A CONSOLIDATION LETTER AND AGREEMENT WITHIN SIX MONTHS OF FINISHING SCHOOL, call them and ask them to send it to you…their toll free number is 1-866-815-4514.
This is your responsibility. This document will outline your repayment terms and minimum monthly payment.
When you receive your Consolidation Letter and Agreement, review the information and verify the accuracy of:
- the total amount of your loan;
- the interest rate that will be applied to your loan
- the monthly amount that will be withdrawn from your bank account
- the bank account from which the payment is to be withdrawn; and
- the payment date
Once you have read and agreed to the repayment schedule outlined in your Consolidation Letter and Agreement, you must sign the repayment documents and return them to the National Student Loan Service Centre. If you do not return the documents, payments will be withdrawn from the bank account on file after the grace period ends.
If you want to keep track of payments or any activity on your Canada Student Loan, register for the National Student Loan Service Centre’s online services on www.CanLearn.ca.
REMEMBER if you fail to contact the National Student Loans Service Centre, your loan payments may be automatically withdrawn from the same
bank account where your loan was deposited. If there are no funds in that account, you may go to default status. Missing even one monthly payment
could affect your credit rating.
WHAT ARE MY OPTIONS IF I CAN’T PAY MY STUDENT LOAN?
That’s a question a lot of students ask.
These are economically hard times for a lot of people. The Canada Student Loans Program has put in place options for those of us who are
struggling…why not take advantage of them?
A lot of students feel if they ignore the loan, it will go away. Unfortunately, that’s not going to happen. The loan does exist and needs to be paid.
Failing to pay your loan WILL RESULT in bad credit that can affect something as simple as getting a cell phone.
Any outstanding debt may be directed to the Canada Revenue Agency for collection.
This could mean your income tax refund and GST rebates will be withheld and applied to your student loan debt.
Here are some options that you can take advantage of that will only require a pen and a little bit of your time:
Repayment Assistant Plan (RAP)
Beginning Aug 1, 2009, if you are unemployed or your earnings are low, you could be eligible for RAP. Under this plan, your payments are based on your family size and income. RAP makes it easier for you to manage your debt by paying back what you can reasonably afford. Click here for an application.
FILL IT IN, andFAX to the National
Student Loan Center: 1-888-815-4657.
I don’t understand this form?
Call the National Student Loan Center at 1-888-815-4514
or the college at 1-866-977-3400.
We are definitely here to help you and just a phone call away.
What if I can’t print the form?
We can send you one…just ask…or email.
studentfinance@HomeEd.com
Revision of Terms
If you are unable to make the minimum payment, you may be able to decrease your monthly payments by extending the amount of time it will take to pay back your loan. This will have an impact on the amount of interest you pay over time.
Repayment Assistant Plan for Borrowers with a Permanent Disability
(RAP-PD)
Beginning August 1, 2009 if you have a permanent disability and are having difficulty paying back your student loan, you could be eligible for RAP-PD.
Under this plan, payments are based on income, ability to pay and disability accommodation costs.
Permanent Disability Benefit
If you are experiencing exceptional financial hardship repaying your student loan due to a severe disability, you may qualify for this benefit.
Contact the National Student Loan Service Centre to request an application package.
Final Note
We have been there for you from the time you enrolled in our college right up until your last day of classes. We are here for you now.
Let’s talk through your concerns and work on this repayment process together!
1-866-977-3400
Mactech Finance Department
1-888-815-4514
National Student Loan Service Centre