Loan Processing - Interest Relief

BC Student Loan Interest Relief Program

Eligible former students may receive interest relief on their outstanding BC Student Loans if they are experiencing difficulty in repaying their BC Student Loan due to low income. Application forms are available at the financial institutions which processed student loans or the service provider. In addition, an online application should become available in late summer to early fall 2007.  This online application will be much simpler, faster, and combine both the provincial and federal applications in one process, and replace the paper process.

Federal Interest Relief Program

This program postpones the payment of principal and interest on full-time and part-time Canada Student Loans (not BC Student Loans). Interest relief may be available for up to thirty months, with possibilities for extension in certain instances, for individuals who are unemployed, incapable of working due to a temporary disability or illness, or have a low family income. Further information may be obtained from the lender (National Student Loan Service Centre, or for pre-2000 loans, the financial institution) or from the Financial Aid & Awards Office.