NSLSC and Paying Back Student Loans

NSLSC and Paying Back Student Loans

NSLSC and Paying Back Student Loans

NSLSC & Paying back student loans

There comes a time when you have to pay back the loans that you were given by the Canada government to the NSLSC to help you get though school.

These loans are supposed to be paid back so that other students can also get the chance to receive them and make it through school. The repayment process starts normally when you have graduated from college.

However, you will also be expected to start repaying your loan in the event that you have moved to part-time studies, when you leave school or when you have been absent from school for a least 6 months.

Should any of these situations affect you, try and get in touch with the relevant offices to find out the way forward.

NSLSC & Where to make payments…

The one thing that you will come to realize about the loans is that different territories normally have different rules for application or the eligibility criteria for the loans.

Because of this you should go on and find out where you are supposed to make the payments for your loans. Those who received integrated loans should understand that these loans are provided by the government and the province from where you live.

Another thing that you need to understand is that if for some reason you received NSLSC federal and provincial government loans, chances are high that you will have more than one loan to pay back.

NSLSC & How to make payments…

When it comes to making payments, you will definitely get informed about the status of your loan through email. Students normally have a 6 month gap during which they will be able to enjoy a grace period of non-payment as they try to secure jobs.

During this period however, the loan accrues interest and it is important that you make use of this time to find a good job that can help you pay off your loans.

Before you start making payments for the loan, you need to ensure that all your information is accurate according to the records before you go on.

You have to confirm the status of your loan balance, the interest rate that the loan attracts and your bank account details. All this information is very important to you to ensure that you are paying for the correct sum owed.

NSLSC & Repayment assistance…

When you are worried that you will not be able to make your payments in good time, it would be a good thing for you to consider the assistance options that the government of Canada has in place for you. Even when you have missed a payment, you should try and learn about some of the repayment assistance programs that students like you can use in order to get back on track.

There are quite a number of programs that are available. You can use the Repayment Assistance Plan (RAP), the repayment assistance plan for borrowers with a permanent disability (RAP-PD) or you can also try the severe permanent disability benefit in the event that you have a severe permanent disability.
Besides, the government recently revised terms on repayments and you can actually have your loans repayment reduced.

NSLSC Severe permanent disability benefit…

In the event that you are suffering from a permanent disability that can give you a harder or a more difficult time making your loan repayments, the severe permanent disability benefit is one of the alternatives that you need to consider.

As a matter of fact you can have your loans forgiven in the event that your disability can prevent you from working or participating in active education through your life.

However, when you take this benefit, you will not be able to apply for any other Canada student loan or grant. To apply for this benefit, you have to understand that enrolling for the benefit program is not automatic.

You will have to make a formal visit or call the NSLSC to find out whether you will be eligible for the benefits before you can make an application.

Read more at: NSLSC.

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