Principal deferment
If you are having difficulty repaying your B.C. student loans, you can ask to have the principal payment deferred for a period of time.
If approved for principal deferment, you only need to make the monthly interest payments on your loan. The principal portion of the payment is deferred. This deferment will give you time to stabilize your financial position and avoid defaulting on the loan.
Approval is usually given for six-month periods, but there is no limit to the number of months you can be on principal deferment. However, the repayment (amortization) period cannot be extended past 234 months (19.5 years) from the original date when you began repaying the loan.
Eligibility
All B.C. student loan portfolios – direct lend, guaranteed and risk-sharing – are eligible for principal deferment.
To apply for principal deferment, you must contact the lender holding your B.C. student loans. They will decide if you are eligible.
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