Student loan repayment
SFU's annual loan Canada Student Loan default rates can be viewed through the Government of Canada's publicized Canada Student Financial Assistance repayment rate. This information can help students make informed decisions about their post-secondary education investment.
Have you been prompted by National Student Loan Servce Centre (NSLSC) to start repaying your student loan funding? Read below to understand the process of repayment.
You are enrolled in classes and don't think you should be in repayment, or are looking for 'confirmation of enrolment'
Once you have borrowed student loan funding, you are responsible for updating your 'in-study' status with NSLSC, to prevent entering repayment prematurely.
There are two ways of updating your status with NSLSC; both involve what is called 'confirmation of enrolment.'
Confirmation of enrolment is when the institution (SFU) responds to a government request to confirm whether a student is enrolled.
The enrolment status will only be valid for a certain duration of time, generally one term.
To request 'confirmation of enrolment,' either:
- Apply for a new student aid application for the term.
Upon successful assessment of the application, the government with ask SFU for confirmation of enrolment. OR - Apply for an interest-free application for the term.
Upon successful submission of the interest-free application, the government will ask SFU for confirmation of enrolment.
SFU will provide confirmation of enrolment to the province of application and/or NSLSC as long as you meet the enrolment criteria of the loan or interest-free application. For example, you'll need to be enrolled full-time, to receive confirmation of enrolment on a full-time aid application.
For a student aid application, confirmation of enrollment will:
- Release your student aid funding,
- Update your status to 'in-study,' preventing interest from accumulating and
- Update your study end date.
For an interest-free application, confirmation of enrolment will:
- Update your status to 'in-study,' preventing interest from accumulating and
- Update your study end date.
Note:
Requesting confirmation of enrolment is not enough. You must ensure that SFU has responded successfully to the confirmation of enrolment request. You can check your StudentAid BC dashboard and/or NSLSC account to confirm a successful update to your in-study status.
Where do I apply for in-study interest-free status?
For students studying full-time, with previous full-time student loans:
BC students should apply through their StudentAid BC Dashboard for the quickest, most efficient method of updating their status to 'in-study.'
Ontario students may use their OSAP Online Account to submit an interest-free application.
All other Out of Province students may use their National Student Loans Service Centre (NSLSC) Account to submit an interest-free application.
For students studying part-time, with previous part-time student loans:
All students may use their National Student Loans Service Centre (NSLSC) Account to submit an interest-free application, indicating 'part-time' as their enrolment.
How does repayment work?
Repayment of your student loans starts 6 months after your last study period end date. This 6 month period is considered your "grace" period. Your grace period is a good time to review your National Student Loan Service Centre (NSLSC) Account to review your payment information, and modify your repayment terms if needed. The NSLSC has a Learning Hub to help students learn more about the In-Study, Non-Repayment, and Repayment statuses of your student loans.
Students can enter into repayment and return back to full-time studies and in-study status multiple times during their academic career.
Having difficulties with repayment?
Upon entering repayment, if you anticipate difficulty making monthly payments, we recommend reviewing the following resources:
National Student Loans Service Center
The National Student Loans Service Center (NSLSC) offers an online presentation on the student loan process.
The presentation is approximately 19 minutes long, and contains valuable information that can clarify many questions you may have.
Additionally, you may find value in the videos found on their YouTube channel.