Part-Time Repayment

Interest Rate

For information on interest rates on a Part-Time Canada Student Loan, students can contact National Student Loans Service Centre (NSLSC) or check the Government of Canada website for current interest rates for Canada Student Loans.

Interest does not accrue during the six month non-repayment period.

Interest Free Period

Reg.: Schedule 2, ss. 24(1)(c), 32

Interest free status is available in the following situations:

  • While in part-time studies, students can have their outstanding Alberta Student Loans placed in interest free status. This is not automatic – the student must submit a completed Form B (Confirmation of Registration-Reinstatement of Interest Free Status for Alberta Student Loans) to the Alberta Student Aid Service Centre.
  • While in part-time studies, students can have their outstanding Part-Time Canada Student Loans placed in interest free status.
    • If the student reapplies and receives federal part-time funding, this process will be initiated when the Certificate is cashed.
    • In instances where the part-time student does not receive additional federal part-time funding when they reapply or does not reapply for part-time funding, the student may request their school use the federal Electronic Confirmation of Enrolment (ECE) portal or complete the federal Schedule 2 (Canada Student Loans Program Confirmation of Enrolment) form to confirm their part-time enrolment. Once the National Student Loans Service Centre receives this notification, the part-time Canada Student Loans can be placed in interest free status.
  • Part-time students are not eligible for interest free status on full-time Canada Student Loans.
  • While in full-time studies, students are not required to pay interest on outstanding Part-Time Canada Student Loans. See the Repayment Chapter for information on interest free status for full-time students.

Defaulted Loans

If a student defaults on a Part-Time Canada Student Loan, eligibility for future student funding (both full-time and part-time and both Canada Student Loans and Alberta Student Loans) is affected. The student must meet Canada Student Loans Program’s requirements to rehabilitate the default. The rehabilitation requirements are found on the Government of Canada website under Rehabilitate your Canada Student Loan.