Once you’ve finished your studies, you need to repay your loans.
Educate Yourself about the Loan Repayment Process
Go through the EDULINX Exit Counselling session.
Two Loans
You will likely have two lenders to repay:
- EDULINX for Alberta Student Loans
- the National Student Loan Service Centre (NSLSC) for Canada Student Loans.
If you are not an Alberta resident, check with your provincial /territory funding agencies regarding who your lenders are.
EDULINX and the NSLSC will send you letters outlining your total loan amounts, interest rates, monthly payments and when your first payment is expected.
Six-Month Grace Period
You are not required to make payments on your loans for six months after completing your studies; however, interest does accumulate on your loan during this time. At the end of your grace period (if you’ve provided them with your banking information), your lenders will automatically take payments from your bank account.
Keep Your Information Up to Date
Your lenders need your correct contact information as they will be sending you crucial information about your loans and your payments. If you change any of the following, you need to let EDULINX and the NSLSC know:
- Name
- Address
- Phone Number
- Email Address
- Marital Status
- Banking Information
If you register for online services with EDULINX and the NSLSC, you can easily update your information.
Protect Your Credit Rating
Missing payments immediately affects your credit rating. It won’t matter to the credit bureau that you missed a payment because your lender didn’t have your current address or banking information.
If you don’t make regular payments, your loans may be sent to a collection agency, your GST or income tax refunds may be used to repay defaulted loans, and the government could take legal action. Make your investment count by keeping your loans in good standing.
If You Have Trouble Making Payments
The predetermined federal/provincial loan terms of payment may be fine for your budget. However, if you cannot make payments or need to change your payment terms, contact your loan provider(s) and ask about Loan Repayment Assistance. Communication is key.
Grace Period Interest: Two Options
Pay the interest before your loan enters repayment. You can make this payment as a one-time lump sum payment before your loan enters repayment or as numerous payments throughout the grace period as the interest accumulates. Paying the interest may also slightly reduce your monthly payment amount.
Capitalize the interest. This means adding the interest to the principal balance of your loan when your loan enters repayment. This is done automatically if the interest is not paid before your loan enters repayment.
Loans and Income Tax
Each year, you can claim a tax credit for the interest you have repaid on your loans. EDULINX and the NSLSC will send you income tax receipts for this purpose.
Contact Information
National Student Loan Service Centre 1-888-815-4514
EDULINX 1-866-827-0310
Alberta Students Finance 780-427-3722 or 1-800-222-6485
