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When you miss 9 months of payments, the federal part of your loan is sent to the Canada Revenue Agency (CRA) for collection. Once in collection, you are no longer able to get student aid. To be able to get student aid again, you must bring your loan up to date.
Depending on your income, you may qualify for reduced payments or no payments at all. You can apply for repayment assistance as soon as you start to repay your student loans and anytime while in repayment.
They will take action that may include: Reporting to a credit agency. Sending your debt to a private collection agency. Taking legal action. Taking your income tax refund and/or GST refunds.
You have options. Whether you missed a loan payment or not, you can: Scholarships, grants, student aid and funding opportunities for students whether part-time, full-time, with dependents, with disabilities and from low or middle-income families. Repay your student loan.
If you are having trouble making monthly payments on your student loans, talk to The National Student Loans Service Centre. There are programs and services available to help you manage your payments and avoid defaulting on your loan.
Your loan is considered to be delinquent when you are behind in your regularly scheduled monthly payments. Where can I get help if I miss payments? What happens if I don't repay my student loan?
People also ask
What happens if I miss 9 months of student aid payments?
What happens if I miss a student loan payment?
What if I can't make monthly payments on my student loans?
What if I don't repay my student loan?
What if I have difficulty paying my student loans?
What happens if you don't pay your student loan payments?
Repayment Tip #1. Set up automatic withdrawals from your bank account for loan payments when you get paid. If you don’t see the money, you won’t be tempted to spend it. Repayment Tip #2. Round your payment up to the nearest $50 or $100 increment. If your payment is $386/month, bump it up to $400.
