Overview

Loans are interest-free while you’re in school and in other special circumstances. There may be steps you need to take to keep your loans in interest-free status.


Interest-free status for current full-time students

While you’re in school studying full-time you don’t have to make payments and your loans are interest-free. When you finish studying, your loans enter a 6-month grace period where you still don’t have to make payments and no interest accrues. At the end of your 6-month grace period, your loan enters repayment status.

Interest-free status  is available for full-time and part-time students.

In some circumstances, you need to tell Student Aid that you’re still a student in order to maintain interest-free status.

See the tables below for information on how to keep your loans interest-free:

 How to keep your loans interest-free as a full-time student

Is this the first time you received loans?

Your loans are automatically interest-free

Do you have loans from a past year and applied for full-time student aid this year?

Your loans are automatically interest-free

Do you have loans from a past year but aren’t applying for student aid again this year?

 

 

If you have Alberta and Canada loans, or only Canada loans:

  • Sign on to NSLSC Online Services and confirm your enrolment online.

If you only have Alberta loans:

  • Submit a Confirmation of Registration Alberta – Form B

Interest-free status for current part-time students

How to keep your loans interest-free as a part-time student

Is this the first time you received loans?

Your loans are automatically interest-free

Do you have loans from a past year and applied for part-time student aid this year?

If you have only Alberta loans, submit:

  • Confirmation of Registration Alberta – Form B

If you have part-time Canada loans, they are automatically interest-free when you cash a new part-time loan.

Full-time Canada loans are not interest-free while you’re a part-time student.

Do you have loans from a past year but aren’t applying for student aid this year?

 

If you have only Alberta loans, submit:

  • Confirmation of Registration Alberta – Form B

If you have part-time Canada loans:

Full-time Canada loans do not remain interest-free while you’re a part-time student.


Special circumstances

The following situations are eligible for interest-free status:

  • Medical residents: If you’re a medical resident, you can have interest-free status on your Alberta loans.
  • Parental leave: If you’re taking a break from full-time or part-time studies for parental leave, you can have interest-free status on your Alberta loans.
  • Canadian Forces Reservist: If you’re a full-time student and you stop your full-time study to serve in a designated operation, you can have interest-free status on your Canada and Alberta loans.