What is Interest Relief?
Interest Relief is available to borrowers
who are experiencing undue hardship in repaying their loan
due to low income.
If approved for Interest Relief, you will
not be charged interest on your student loan and you will not
be required to make monthly loan payments during approved periods
of Interest Relief.
Interest Relief is approved for six-month
periods, up to a maximum of 30 months at any point during the
repayment of your student loan. Extended periods of Interest
Relief may also be available to you if you meet the eligibility
criteria and have not been out of school for more than 60 months
(5 years).
Who is eligible?
You may qualify for Interest Relief if:
- Your are currently living in Canada;
- You have entered into a consolidation
agreement to repay your Student Loans;
- Your Student Loans are in good standing;
- Your gross family income, when compared
to your monthly Student Loans payment(s) (and your spouse's
Student Loans payments where applicable);
- You have not received the maximum
number of months of interest relief available.
You may also qualify for Interest Relief
if you have extenuating circumstances such as emergency or
medical expenses.
Does Interest Relief cover my
Canada Student Loans?
If you have a Canada-Saskatchewan Integrated
Student Loan (loans authorized on or after August 1, 2001),
Interest Relief will be approved for all of your Canada and
Saskatchewan Student Loans including any Lender-financed loans
issued prior to August 1, 2001.
If you only have Student Loans issued
prior to August 1, 2001, you must apply for Interest Relief
separately on your Canada and Saskatchewan loans.
Where do I apply for Interest
Relief?
Current Loans
If you have a Canada-Saskatchewan Integrated
Student Loan (loans authorized on or after August 1, 2001),
contact the National Student Loans Service Centre for applications.
Former Loans
If you have not received a Student Loan
since August 1, 2001 you must contact the following agencies
based on when your last Saskatchewan and Canada Student Loans
were issued.
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