Where to get help if you are delinquent
If you are having trouble making monthly payments on your student loans, talk to the National Student Loan Service Centre, the B.C. Student Loan Service Bureau or the lending institution holding your B.C. student loan. There are programs and services available to help you manage your payments and avoid defaulting on your loan. You can apply for repayment assistance through debt management programs.
What happens if you don’t repay your student loan?
You could face:
- added interest charges
- loss of eligibility for future StudentAid BC funding
- having to deal with a collection agency
- a bad credit rating and inability to get credit
- not being accepted for contracts for cellular phones, etc.
- loss of future income tax refunds and GST rebates
- legal action
- garnishment of your wages
- liens against your property
All repayment activities are reported to the credit bureau.
Direct lend loans
Your student loan is considered to be delinquent when you are behind in your regularly scheduled monthly payments.
If your student loan is 150 days overedue (270 days overdue for integrated loans), your loan will be considered in default and collection activities will proceed. Defaulting on your loan can disqualify you from receiving future student financial assistance and applying for repayment assistance under the Repayment Assistance Plan and B.C. debt management measures. It also affects your credit rating.
Guaranteed loans
If your guaranteed B.C. student loan is 180 days overdue, you will be not be able to get any more funding from StudentAid BC. Your lender or bank will forward your loan to Revenue Services of British Columbia. They will assign a collection officer to work with you to set a new repayment schedule. Interest will be charged on the unpaid balance at the prime rate plus 1 ½ per cent.
Risk-sharing loans
If you miss two monthly payments in a row on a risk-sharing loan, you will be not be able to get any more funding from StudentAid BC. Your lender or bank is responsible for collecting your risk-sharing student loan. If you declare bankruptcy during an interest-free period, your lender or bank will send your B.C. student loan to Revenue Services of British Columbia for collection. If you die during an interest-free period, your loan will go to Revenue Services to be written off.
Contact information for B.C. student loans lenders
For guaranteed B.C. student loans:
Contact your lender (see listing below).
For risk-sharing B.C. student loans:
Contact your lender (see listing below).
Royal Bank of Canada
Western Canada Student Loan Centre
PO Box 4700, Stn D
Toronto ON M9A 4X5
Telephone: 1-888-359-4770
CIBC National Student Centre
PO Box 5055
Burlington ON L7R 4P3
Telephone: 1-800-563-2422
Bank of Nova Scotia
PO Box 9, Stn U
Etobicoke ON M8Z 5M4
Telephone: 1-888-284-3044
For direct lend B.C. student loans:
Contact the B.C. Student Loan Services Bureau.
If you know your loan has been transferred to Revenue Services of British Columbia for collection, contact them at:
Revenue Services of British Columbia
PO Box 9483
Victoria, BC V8W 9W6
Telephone toll-free: 1-866-361-5050
Contact information for Canada student loans
Visit the National Student Loans Service Centre website, or contact them at:
National Student Loans Service Centre
PO Box 4030, Mississauga, ON L5A 4M4
1-888-815-4514 (within North America)
Country Code + 800-2-225-2501 (toll free outside North America)
You can apply to be rehabilitated for StudentAid BC funding
If your student loans are in default, but you want to return to full-time studies using StudentAid BC, apply for interest-free status or debt management programs, your first step is to apply for rehabilitation of your eligibility. Learn more about rehabilitation after default.
Files under audit will not be considered for rehabilitation after default until the audit is complete.
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