0% Interest on Nova Scotia Student Loans
As of March 20, 2014 we no longer charge interest on Nova Scotia Student Loans (provincial funding) for qualifying borrowers. The government has eliminated interest on your provincial student loan funding to make it easier for you to live and work in Nova Scotia. Read the announcement here.
Once you apply and qualify, the zero interest calculation will be immediately applied to your account, effective as of the date 0% interest was approved.
To Qualify:
- Did you start to repay a Nova Scotia Student Loan (provincial loan) since November 1, 2007? These are loans that began repayment through Resolve.
- Did you graduate from a designated program?
- To qualify for the current calendar year; Did you/will you file last year’s income tax return as a resident of Nova Scotia?
How to Apply:
- The application is open now - log in to MyPATH and select the 0% Interest application.
- Reapply each calendar year (the application goes up in early January) to continue to receive 0% Interest.
Frequently Asked Questions :
How much money will I save?
The exact amount you’ll save will depend on how much you owe and your interest rate. If you owe the average balance of $5600 today, you will save approximately $800 in interest over the lifetime of your loan.
Will my monthly payments go down?
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 of the monthly payment 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. They can help you with that at any time.
What happens if I move out of Nova scotia?
You must be a resident of Nova Scotia to remain eligible.
I just finished repaying my student loans, and/or I paid it off early. Do I qualify?
The zero interest benefit applies to qualifying students who are still in active repayment, and those who are starting repayment in the future.
1. The zero interest program applies to Nova Scotia Student Loans only, not to (federally funded) Canada Student Loans.
