Repayment Assistance Programs

Getting Help with Repayment

Sometimes students need advice about managing their student loan payments after leaving school. You may be interested in options to help make your debt lower and to make your payments more affordable.

You are not alone: We help students like you manage their debt every day, especially as they transition from attending school to working and growing their careers. Nova Scotia Student Assistance and the Canada Student Financial Assistance Program offer several options to help you stay on track financially and keep moving toward your goals.

Repayment Assistance Plan

The Repayment Assistance Plan helps borrowers manage debt by calculating an affordable monthly payment that is based on family income and student loan debt level. A borrower applies for repayment assistance for a six-month period. If eligible, they may be assessed for a zero payment or lower payment for the approved period. If a single borrower is earning less than $42,720 per year, they will not have to make any payment at all on their student loans while using the Repayment Assistance Plan. At the end of six months, borrowers can re-apply for an additional six-month period or re-apply at a later date, as needed.

Apply & Info:

National Student Loans Service Centre (NSLSC) at 1-888-815-4514
or
Canada Student Financial Assistance Program Website

  Try the Repayment Assistance Estimator


Payment Deferral Program

The Payment Deferral Program provides borrowers the opportunity to defer (delay) payment of their Nova Scotia Student Loan. All borrowers who have completed their studies can defer payments on their Nova Scotia Student Loan for up to 12 months. Borrowers participating in an approved internship / residency / apprenticeship or who are articling can defer payments on their Nova Scotia Student Loan for the duration of these programs.

During the deferral period, the borrower doesn’t make any payments on their loan(s). The interest that accumulates on the debt during the deferral period (if any) is added to the borrower’s loan balance at the same rate of interest, and is paid over the remaining repayment period of the loan (or borrowers can choose to pay it in a lump sum.)

Apply & Info:

Resolve Corporation at 1- 877-283-1687 (within North America)
or
Outside North America 905-306-2460 (can call collect)

 

Did you enter repayment before November 1, 2007?

Call NS Student Assistance Office:
424-8420 (in Metro Halifax)
or
1-800-565-8420 (toll free within Canada)


Severe Permanent Disability Benefit Program

The Severe Permanent Disability Benefit Program helps borrowers who have a severe permanent disability and have outstanding student loans. This program can lead to the complete forgiveness of Canada Student Loans and Nova Scotia Student Loans for borrowers with a severe permanent disability who cannot work or return to school and will likely never be able to work or return to school. To receive this benefit, borrowers with a Canada Student Loan must first apply for the Severe Permanent Disability Benefit offered by the Canada Student Financial Assistance Program. They would then apply separately for the Nova Scotia Program (PDF). If a borrower has only a Nova Scotia Student Loan, they would apply directly to the Nova Scotia Program.

Apply & Info:

National Student Loans Service Centre (NSLSC) at 1-888-815-4514 or
Canada Student Financial Assistance Program Website for Canada Student Loans

THEN

NS Student Assistance Office at: 424-8420 (in Metro Halifax)
Toll Free in Canada: 1-800-565-8420 for Nova Scotia Student Loans


Revision of Terms

Revision of Terms can help borrowers who are unable to meet their monthly Student Loan repayment obligations by making their repayment period longer and their monthly payments lower.

You are normally required to repay your Canada Student Loan and Nova Scotia Student Loan over 9.5 years (114 months). Revision of Terms can extend the repayment period of your Nova Scotia loans to be as long as 14.5 years (174 months). While this option gives you lower monthly payments, it also increases the overall cost of repaying the loan(s).

Apply & Info:

Resolve Corporation at 1- 877-283-1687 (within North America) or
Outside North America 905-306-2460 (you may call collect)

  Did you enter repayment before November 1, 2007? Call Royal Bank Atlantic Student Loan Centre Toll Free: 1-800-363-3822


Interest-only Payments

Interest-only Payments can help borrowers who are unable to meet their monthly Student Loan repayment obligations by allowing them to pay only the interest on their loans for up to six months.

You are entitled to make a maximum of twelve interest-only monthly payments over the entire repayment period for that loan. This option could temporarily lower the amount you pay monthly, but does not help you pay down the principle loan amount.

Apply & Info:

Resolve Corporation at 1- 877-283-1687 (within North America) or
Outside North America 905-306-2460 (you may call collect)


Capitalization of Interest

Borrowers can add a maximum of three months of accumulated (accrued) interest into the principal amount of their loan. This is also known as "capitalizing" the interest amount to the principal of the debt. This benefit is available only once in the lifetime of the borrower's loan repayment period.

Apply & Info:

Resolve Corporation at 1- 877-283-1687 (within North America) or
Outside North America 905-306-2460 (you may call collect)


Loan Forgiveness for Doctors and Nurses in Rural or Remote Communities

Family doctors, residents in family medicine, nurse practitioners, and nurses that practice in designated rural or remote communities may be eligible to have a portion of their Canada Student Loans (CSL) forgiven.

Apply & Info:

For full eligibility criteria, and to access the application, click here.

Reservist Benefit

Canadian Forces reservists who are full-time students and have interrupted studies to serve on designated operations are eligible to receive an interest-free, no repayment benefit on their student loans while they are serving during this period.

The eligible period includes training for, deployment to, and all authorized leave periods resulting from service on designated operations. It includes preparation, training, rest, or travel from or to the employee’s residence.

Reservists will have 6 months following completion of service to enroll in full-time studies, in order to maintain their interest subsidy.

Apply & Info:

Resolve Corporation at 1- 877-283-1687 (within North America) or
Outside North America 905-306-2460 (you may call collect)