Loan Processing - Interest

Interest on student loans is paid by the federal and/or provincial government as long as the student is registered full-time (60%) for credit in a post-secondary program. Students should discuss the interest rates with their service provider (National or BC Student Loan Service Centre).

Students who have negotiated Canada Student Loans and BC Student Loans in the past but who do not negotiate one for the immediate semester or program of study should submit a completed Schedule 2 and/or Certificate 2 to their lending institution or service provider in order to receive interest-free status. For BC students this process is now completed online at www.studentaidbc.ca.  For Out-of-Province students, a Schedule 2 and a provincial document for many provinces are available from the Financial Aid and Awards Office.

Note: Students must file these documents for every period in which they register as a full-time student and are not borrowing. For those on a semesterized program, this means that the appropriate documents must be lodged with the lending institution and/or service provider every semester.