Elimination of Canada Student Loan Interest
The Government of Canada has permanently eliminated the accumulation of interest on Canada Student Loans effective April 1st, 2023. For more details, see What’s New.
Log in to your NSLSC account to review the latest information on your repayment terms. If you want to make further changes, you can Customize your Payment Terms anytime.
If you paid interest on your student loan in 2022, your Tax Receipt and annual statement will be available in your secure inbox as of January 13th, 2023.
T4A documents will be available by February 7th, 2023.
The governments of Canada, Manitoba, Newfoundland and Labrador, Saskatchewan, and New Brunswick have updated their Repayment Assistance Plan (RAP) eligibility with new zero payment income thresholds and the maximum payments have been lowered from 20% to 10% of a household income. The changes are effective in November 2022. To apply for RAP, log in to your secure NSLSC account.
The Government of Canada and Manitoba have integrated the administration of their student loan programs effective July 1st, 2022.For more details, please visit: Manitoba Student Aid.
somecallme_doc on April 6th, 2023 at 13:41 UTC »
What? almost like education is important to improving the country and people shouldn't be punished for it?
Yeetus_McSendit on April 6th, 2023 at 13:18 UTC »
LPT: If you still have any amount owing on the provincial loan, you can mail a check to the nslsc with a letter asking them to allocate the payment directly to the provincial portion. You can't do this online unfortunately. I paid off my Ontario loan like this so now the rest of my loan is interest free.
Bonus tip, you can then adjust your payments to be the minimum which will extend you payback term but it's interest free... So you can reinvest the difference.
Brother_Clovis on April 6th, 2023 at 13:05 UTC »
As someone who is benefitting from this, I can't even tell you how much this is appreciated. I've actually been able to make a significant dent in my loan over the past two years, and I'm starting to see the light at the end of the tunnel.