Search results
- If you don't repay your student loan you could face: loss of eligibility for future StudentAid BC funding being contacted by a collection agency a bad credit rating and inability to get credit, for example not being accepted for contracts for cellular phones, etc. loss of future income tax refunds and tax rebates being taken to court
studentaidbc.ca/help-centre/loan-repayment/what-happens-if-i-dont-repay-my-student-loanWhat happens if I don't repay my student loan? | StudentAid BC
You fail to maintain continued part-time enrolment and/or fail to successfully complete all courses for which you were awarded your part-time funding. Note : Students who are receiving student financial assistance (loans or grants) or are on in-study payment-free status are in a funded term.
If you are having difficulty paying your student loans, you have options! Apply for the Repayment Assistance Plan, customize your payments terms, or make interest only payments. Whatever you do, do not ignore your student loans completely.
Missing payments on your student loan(s) can negatively affect your credit rating and make it hard to catch up on payments. If you default on your student loan, you could miss out on your income tax refunds and be unable to obtain further grants or loans.
- Repayment Assistance Plan
- Severe Permanent Disability
- Family Doctors and Nurses
- Canadian Forces Reservists
- You Have Options
If you are having trouble paying your loan, you can apply for help through these plans: 1. Repayment Assistance Plan (RAP) 2. Repayment Assistance Plan for Borrowers with Disabilities (RAP-D)
If you have a permanent disability, you may be able to have your student debt cancelled through the Severe Permanent Disability Benefit (SPDB). You could be eligible if your disability limits your ability to work for the rest of your life. 1. Apply for the SPDB
As a family doctor, resident, or nurse working in a rural or remote area, you may qualify for help to repay your student loans. 1. Apply for loan forgiveness for doctors and nurses
If you are a Canadian Forces reservist on a designated operation, you do not have to make payments on your student loans. 1. Keep your loan payment-free as a reservist
Whether you missed a loan payment or not, you can: 1. log in to your NSLSC accountto access tools to help you find a repayment plan 2. contact the NSLSCto discuss your payment options 3. borrowers from Alberta, Nova Scotia and Prince Edward Island also need to contact their province
If you don't repay your student loan you could face: loss of eligibility for future StudentAid BC funding. being contacted by a collection agency. a bad credit rating and inability to get credit, for example not being accepted for contracts for cellular phones, etc.
What happens if you don’t pay your student loans? Not paying your student loans, like any debt, has serious consequences in terms of your credit report and collection actions. Default & collections. If you don’t make payments for 9 months (270 days) on your Canada Student Loans or related provincial student loans you are in default. Once ...
People also ask
What if I have difficulty paying my student loans?
What should I do if I don't pay my student loans?
What happens if I don't repay my student loan?
What if I missed a student loan payment?
What happens if I don't pay my Canada student loans?
What if I don't pay my student loans in Alberta?
The Canada Student Financial Assistance Program offers grants and loans to full-time and part-time students to help pay for their post-secondary education. Apply with 1 application, through your province or territory of residence; You don't need to pay back grants; You do need to pay back loans after finishing school
