Maintaining and Repaying Your Loan
HOW DO I REPAY MY NOVA SCOTIA STUDENT LOAN?
Repaying
Borrowers begin repaying their Nova Scotia Student Loan six months after the end of their full-time study period.
Borrowers who withdraw from school before completing their studies begin repaying their Nova Scotia Student Loan six months after the last day they were enrolled in full-time studies.
Borrowers who are full-time students without a Nova Scotia Student Loan in the current academic year are not required to make payments on their Nova Scotia Student Loan, but must complete and submit a Schedule 2 - Confirmation of Enrollment Form. This form can be used to maintain interest-free status on Direct Loans issued by the Province of Nova Scotia and on loans issued by the Royal Bank of Canada (RBC). Borrowers can also obtain a copy of this form from the Student Financial Aid Office of their school. Borrowers holding Nova Scotia Student Loans through the Canadian Imperial Bank of Commerce (CIBC) should confirm their full-time enrollment directly with CIBC.
Borrowers who do not confirm full-time enrollment will be required to repay their Nova Scotia Student Loan.
Sample Repayments
There are two separate categories under which students might fall:
- Borrowers who consolidated their loans on or after November 1, 2007 can choose either a floating annual interest rate of prime plus 0.5% or a fixed annual interest rate of prime plus 3.0%. This policy will take effect August 1, 2008.
- Borrowers who consolidated their loans before November 1, 2007 can choose either a floating annual interest rate of prime plus 2.5% or a fixed annual interest rate of prime plus 5%.
The table below illustrates examples of possible payments on your Nova Scotia Student Loan. These figures are based on a prime plus 2.5% and a repayment period of ten years and do not include repayment of a borrowers’ Canada Student Loans.
| Nova Scotia Student Loan (NSSL) Amount |
Monthly NSSL Payment |
Total Interest Paid Over 10 years |
Total Amount Paid |
| $10,000 |
$122.65 |
$4,718.32 |
$14,718.32 |
| $15,000 |
$183.98 |
$7,077.47 |
$22,077.47 |
| $20,000 |
$245.31 |
$9,436.63 |
$29,436.63 |
| $25,000 |
$306.63 |
$11,795.79 |
$36,795.79 |
| $30,000 |
$367.96 |
$14,154.95 |
$44,154.95 |
To look at possible payments for your Canada Student Loan, visit Canlearn’s Loan Repayment Calculator.
