Interest Relief
Interest Relief: Don't Pay for 6 Months!
Interest Relief
If you're unemployed or not earning much money, you may be temporarily unable to make payments on your government student loans. If so, you could be eligible for Interest Relief.
This help is available for Canada Student Loans, Integrated Loans and loans programs operated by some provinces. Contact the National Student Loans Service Centre (NSLSC) and/or your Provincial or Territorial Student Assistance Office for additional details.
How it works
During periods of Interest Relief, you're not required to make payments on either the monthly interest or the outstanding principal of your loans. The government will pay the interest on your loans for you.
Interest Relief is granted for periods of 6 months, up to a maximum limit of 54 months.
If you decide to make either full or partial voluntary payments during periods of Interest Relief, these will be applied directly to your principal. (These payments aren't mandatory and they won't affect your current or future eligibility for Interest Relief.)
Eligibility rules for Interest Relief
To be eligible, you must meet all of the following conditions.
1. Your monthly gross family income must fall within the Maximum Income Guidelines.
2. You must reside in
3. Your loan must not be in default. That means it must not be in collection with the Canada Revenue Agency or another collection agency. However, if you filed for bankruptcy on or after
4. You must have signed a Consolidated Loan Agreement for your Canada Student Loans. If you haven't done so, contact the NSLSC and/or your financial institution to request a Consolidated Loan Agreement.
5. You must meet all eligibility criteria in the month in which you apply.
Can I apply if I’ve missed scheduled loan payments?
Yes, but you will need to take care of any outstanding interest payments first. You can do this by either:
- paying the outstanding interest
- requesting that your Interest Relief period begin as of the month when you first missed payments (up to 6 months before the month you apply as long as you meet the income criteria)
- requesting that up to 3 months of the unpaid interest be added to the principal of your loan (capitalized). This option can only be used once.
How do I apply?
Complete an Interest Relief application form and attach copies of the required supporting documentation. Send only photocopies of income and payment documentation with your application, because originals can't be returned.
To get the application form, phone the NSLSC at 1-888-815-4514 (if you use a TTY, it's 1-888-815-4556). If calling from outside
How to apply depends on the circumstances of your loan(s):
- If you have a Canada Student Loan or Integrated Student Loan through the National Student Loans Service Centre (NSLSC), then you should send your application to the NSLSC. (If you also have a Canada Student Loan with a Financial Institution, your application will also apply to that loan.) The NSLSC will contact your financial institution to get information concerning your loan.
- If you're applying for Interest Relief for a Canada Student Loan negotiated before August 1, 2000 that is held by a financial institution (and you don't have a Canada Student Loan through the NSLSC), you must submit your application and supporting documentation to your financial institution directly.
- If you have a provincial or territorial student loan, ask your Provincial or Territorial Student Assistance Office about any programs they have for students having trouble repaying their loans.
Comments on Interest Relief »
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