Amount Owing
The total amount to be repaid, including principal and interest. If you are in your six-month Grace Period, the Grace Period interest that has accrued to date is included in the amount shown.

This balance does not include any amount you may owe to a financial institution for provincial/territorial student loans (including Ontario and Saskatchewan Student Loans received before August 1, 2001, and Newfoundland and Labrador and New Brunswick Student Loans in repayment on July 31, 2000), or for Canada Student Loans received before August 1, 2000.
Approved Payment Amount
This is the amount you are required to pay each month of your approved RAP period.
Consolidation
This term refers to the act of moving your loans from grace period status to repayment status. Consolidation occurs on the 1st day of the 7th month after the Period of Study End Date on file. This date is referred to as your Consolidation Date, or repayment start date.
Cost of Borrowing
This term is used to describe the total interest you pay over the life of your loan. It is calculated by using the current interest rate for your loan(s), your current loan balance, remaining term and monthly payment amount. This amount, shown when Customizing your Repayment on this site, is an estimate only. If the interest rate rises, the cost of borrowing also increases. If the interest rate decreases, the cost of borrowing also decreases.
Current Interest Rate
Interest is calculated either at a fixed interest rate of Prime + 5%* or at a floating interest rate of Prime + 2.5% for Canada Student Loans, Canada-New Brunswick Integrated Student Loans and Canada-British Columbia Integrated Student Loans before August 1, 2017.
  • If you have a Canada-Ontario Integrated Student Loan, the interest rate on your loan is calculated at Prime plus 2.5% for the Canada portion of your loan and Prime plus 1.0% for the Ontario portion of your loan.
  • If you have a Canada-Newfoundland and Labrador Integrated Student Loan the interest rate on your loan is calculated at Prime plus 2.5% for the Canada portion of your loan and no interest is charged on the Newfoundland and Labrador portion.
  • If you have a Canada-Saskatchewan Integrated Student Loan, the interest rate on your loan is calculated at Prime plus 2.5% for the Canada portion of your loan and at the Prime rate for the Saskatchewan portion.
  • Effective August 1, 2017, if you have a Canada-British Columbia Integrated Student Loan, the interest rate on your loan is calculated at Prime plus 2.5% for the Canada portion of your loan and Prime for the British Columbia portion of your loan.
*Note: The fixed rate option is not available on the Ontario portion of a Canada-Ontario Integrated Student Loan and the British Columbia portion of a Canada-British Columbia Integrated Student Loan.
Dependants
Dependants are children under 21 years of age, and living with you or in full-time school attendance.
Disbursements
A disbursement is the process of releasing your loan funds (money) upon receipt of your student loan certificate. The funds may be released to you (via a cheque or directly into your account) or to your school (in payment of tuition or other fees) or a combination of both equal to the total amount of the loan. In some instances, a portion of your disbursement may also be used to repay an outstanding interest amount or government income assistance program.
Fixed
A stable rate of interest. If you negotiate a fixed rate, you will be charged the same interest rate throughout your repayment period.
Floating
A rate of interest that varies over time with the prime rate. If you negotiate a floating rate, the interest you are charged during repayment of your loan will increase and decrease along with the prime rate.
Grace Period
The six-month period after you either graduate or leave school. You are not required to make loan payments during your grace period, but interest will accrue on your loan.

Note: No interest is charged on the Ontario and Newfoundland and Labrador portions of Integrated Student Loans during the six-month grace period.
In Repayment
The time in which you are required to pay back your loan.
In Study
The time in which you confirmed your full-time enrolment at a post-secondary educational institution.
Income - What is considered income for Repayment Assistance
The following sources are considered income: employment, child and spousal support, alimony, separation/maintenance payments, monetary gifts, lottery winnings and government benefits (such as Employment Insurance, Worker’s Compensation, family benefits/general welfare) cashed-in RRSPs, cashed-in investments, pension income (such as Canada Pension Plan, Québec Pension Plan and superannuation), drawings.
Lender Holding Your Loan
Depending on which province approved your loan and when you received it, your student loans could be held with a:
  • financial institution (A bank, such as CIBC, RBC, Scotiabank or Credit Union, etc)
  • service provider (for example, Alberta student loans with EDULINX or Nova Scotia student loans with Resolve)
  • government office (such as in Manitoba)

The above is not a complete list. If you are unsure where your loan is held, call your provincial or territorial student assistance office at the number provided on CanLearn.ca (opens in a new window)

Loan Number
This is the unique number assigned to your loan by the NSLSC.
Loan Type
The province that approved your provincial student loan for you. (For Federally issued loans, a Canada Student Loan is abbreviated as "CA", and a part-time Canada Student Loan is abbreviated as "PT").

Minimum Monthly Payment
This amount is specified in the Customize Your Repayment Option. This amount reflects the lowest possible monthly payment available to you which will pay your loan in full using the longest remaining term available. It is calculated using current interest rate, current principal balance, and the maximum remaining term available to you (calculated as: Number of months you have been in repayment, subtracted from 174). Payments indicated have been rounded up to the nearest full dollar amount.
Number of Payments Made
This is the number of monthly approved payment amounts you have made during your approved RAP period.
Other Income
This is income other than from employment, such as awards, scholarships, fellowships, bursaries and grants.
Period of Study
This is the time period in which you are enrolled in postsecondary school. This period is a minimum of 6 weeks and a maximum of 52 weeks as set by your postsecondary school for your current enrolment. For example, September 10th, 2012 – April 30th, 2013
Permanent Disability
A functional limitation caused by a physical or mental impairment that restricts the ability of a person to perform the daily activities necessary to participate in studies at a post-secondary school level or the labour force and is expected to remain with the person for the person's expected life. Note: This information is necessary if you wish to be assessed for the Repayment Assistance Plan for Persons with Permanent Disabilities.
Prime Rate
The Prime Rate used by the NSLSC is based on the variable reference rates of interest declared by the five largest Canadian financial institutions. The Prime Rate is calculated by ignoring both the highest and the lowest of those five rates and taking the average of the remaining three rates.
Program of Study
This is the name of your program of study for this period of study.
Proof of Monthly Payments (for Repayment Assistance)
Acceptable documentation includes a recent bank statement that confirms your spouse’s/partner’s total monthly loan payment amount, or copy of your spouse’s/partner’s Consolidation Agreement(s) for all Canada Student Loans, Provincial Student Loans and/or Canada-Provincial Integrated Student Loans, as applicable.
Province of Issue
The province that approved your provincial student loan for you. (For Federally issued loans, a Canada Student Loan is abbreviated as "CA", and a part-time Canada Student Loan is abbreviated as "PT").

RAP End Date
This is the last day of your approved RAP period.
RAP Start Date
This is the first day of your approved RAP period.
Recovery End Date
This is the last day of your Recovery Agreement Term. This is the scheduled day of your last recovery payment.
Recovery Payment Amount
The monthly amount you are required to pay during your recovery term.
Recovery Start Date
This is the first day of your Recovery Agreement Term. Your first recovery payment is scheduled for the end of the month identified by this start date.
Recovery Term
The duration of your recovery agreement.
Remaining Term
The number of months left to pay your loan in full at the current monthly payment amount and interest rate. When customizing your repayment through a Revision of Terms, your remaining term will decrease when you choose to increase your monthly payment and increase when you choose to decrease your monthly payment.
Repayment Assistance
If approved for Repayment Assistance, you may not need to make payments for six months; or you could be approved to make reduced payments, with the government(s) covering some or all of your interest, so more of your payment is applied to your loan principal. In some cases, the government may repay some of your loan principal as well.
Required Recovery Amount
The sum of your required monthly recovery payments.
Revision of Terms
You can change the amount of your monthly payments by increasing or decreasing them to make them more manageable for you. This is called a Revision of Terms. If you want to reduce, or increase your payment, you can create a request form on-line once your loan enters repayment. The Customize Your Repayment tool shows you the impact of changing your monthly payments, including interest paid, before you submit a Revision of Terms. When you are finished, you can print, sign and send your request to our office.
Term
The time (in months) assigned to repay your loan in full. Full-time student loans have a maximum term of 174 months, starting from your repayment start date. Part-time student loans have a maximum term of 114 months, starting from your interest and principal repayment start date.

The Amount Owing when your loan enters repayment determines what the term assigned to your loan will be:
Consolidated Loan Amount Repayment Period
$0.01 to $1,365.99 18 months (1.5 yrs)
$1,366.00 to $2,975.99 42 months (3.5 yrs)
$2,976.00 to $4,375.99 66 months (5.5 yrs)
$4,376.00 to $6,985.99 90 months (7.5 yrs)
Over $6,986.00 114 months (9.5 yrs)
Total Gross Family Income
This is income from all sources, before taxes for you (the applicant) and your spouse/partner, if applicable.
Total Gross Monthly Family Income

Examples of what is considered Gross Monthly Family Income are:
  • Income from applicant's employment and, if applicable, spouse/common law partner's employment (including self-employment income)
  • Investment income such as cashed in Registered Retirement Savings Plans and interests on investments
  • Payments received through social program(e.g. Employment Insurance, Worker's Compensation, Canada or Quebec Pension Plan, Disability Support Payments)
  • Child and/or spousal support you receive (however, if the support is paid to another person, it should be deducted from the Total Gross Monthly Family Income reported on your application)
  • Monetary gifts, inheritance, awards, scholarships, bursaries, and grants

Examples of what is not considered Gross Monthly Family Income:
  • Income tax refunds, GST/HST credits
  • Federal and Provincial Child Tax Benefits
  • Universal Child Care Benefits
  • Supplements for Working Families
  • Student loan disbursements and student grants
  • Special supplements to disability support payments
Where is the loan?
Depending on which province approved your loan and when you received it, your student loans could be held with a:
  • financial institution (A bank, such as CIBC, RBC, Scotiabank or Credit Union, etc)
  • service provider (for example, Alberta student loans with EDULINX or Nova Scotia student loans with Resolve)
  • government office (such as in Manitoba)

The above is not a complete list. If you are unsure where your loan is held, call your provincial or territorial student assistance office at the number provided on CanLearn.ca (opens in a new window)

Who holds the loan?
Depending on which province approved your loan and when you received it, your student loans could be held with a:
  • financial institution (A bank, such as CIBC, RBC, Scotiabank or Credit Union, etc)
  • service provider (for example, Alberta student loans with EDULINX or Nova Scotia student loans with Resolve)
  • government office (such as in Manitoba)

The above is not a complete list. If you are unsure where your loan is held, call your provincial or territorial student assistance office at the number provided on CanLearn.ca (opens in a new window)