 The federal and provincial government offer programs that can help you repay your Canada and B.C. student loans.
Some are debt management programs designed for people having difficulty making their monthly payments. They help you avoid the consequences of defaulting on your student loans.
Others are programs designed to encourage people to work in certain areas or professions.
British Columbia repayment assistance programs
B.C. loan forgiveness program - Recent graduates in some specific professions can have their B.C. student loans forgiven by agreeing to work at publicly funded facilities in British Columbia. In some cases, eligibility also includes working in an underserved area of B.C.
B.C. Early Childhood Educator Loan Assistance Program - Under this program, recent early childhood educator graduates may be eligible for up to $2,500 to help them repay their B.C. student loan.
Pacific Leaders B.C. loan forgiveness program - Consider dedicating a portion of your career to the B.C. Public Service after graduation and we'll forgive your B.C. student loan at the rate of one third of the total per year. The program also applies to current full-time or part-time regular employees who have a B.C. student loan in good standing.
B.C. loan remission program - This program is designed to help you reduce your B.C. student loan debt to a more manageable level after graduation.
If you qualify, the provincial government will pay down your outstanding B.C. student loans according to a loan remission formula.
B.C. interest relief program - This program helps people who have difficulty repaying their B.C. student loans because of low income and financial hardship.
B.C. debt reduction in repayment program - This program helps those who have exhausted all their B.C. interest relief time, have had their repayment period extended to 174 months, and are still unable to repay their debt due to low income and financial hardship.
B.C. permanent disability benefits program - If you are a student or former student who is or becomes permanently disabled during the lifetime of your B.C. student loan, you can apply to have your B.C. student loan forgiven in full.
B.C. loan reduction program - The B.C. loan reduction program helps students who must borrow most of the money they need to pursue their post-secondary education.
B.C. loan reduction for residential care aide and home support worker programs - The B.C. loan reduction program for residential care aide and home support worker students helps those who must borrow money for their post-secondary education.
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. Extending your amortization reduces the amount of each monthly payment, making it easier for you to meet your obligations.
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. Federal debt management programs
- Federal interest relief
- Federal debt reduction
- Federal permanent disability benefits
- Revision of terms
For more information on federal debt management programs, please visit the National Student Loan Service Centre website, or contact the centre 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)
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