If You Need Help Repaying

Extended amortization for B.C. student loans

If you need help making your monthly loan payments, you may be able to revise the terms of your loan.

You can ask your lender to lower your monthly B.C. student loan principal payment and extend the repayment (amortization) period up to a maximum of 234 months (19.5 years).

Extending your amortization reduces the amount of each monthly payment, making it easier for you to meet your obligations.

There is no formal process to apply for extended amortization. You must negotiate your request directly with your lender:

• For direct lend student loans, contact the B.C. Student Loan Services Bureau. The minimum monthly payment you must make is $25 (principal and interest).
• For risk-sharing and/or guaranteed student loans, contact your lender (bank, credit union or other financial institution.) The minimum monthly payment you must make on these types of loans is $25 (principal only).

You can apply for extended amortization on one or more of your B.C. student loan portfolios.

Canada student loan extended amortization

For information about extending the repayment period for the federal portion of your student loans, visit the National Student Loans Service Centre website.