You will not be required to repay the interest on your student loan debt as long as you remain a full-time student. The government will be responsible for paying it for you. This is what is called the full exemption period. The interest charges on your student loan debt are also paid by the government if you are deemed enrolled during a study period or if you drop courses or withdraw from a program (i.e. provided you plan on resuming your studies the following study period). If you do not resume your studies, you will become responsible for the interest as of the month following that during which you withdrew from your program. Moreover, you will have to start repaying the principal six months later.
You will become responsible for the interest charges on your student loan debt as of the month following the completion of your full-time studies. You may choose to start making payments right away or postpone the repayment for six months. This six-month grace period is called the partial exemption period. At the end of this period, however, you will have to make an appointment with an authorized person of your financial institution in order to work out a repayment agreement. Under this agreement, you will commit to repaying the interest and principal on your student loan.
Under the section Summary of Loans for Full-Time Studies, there are two tables: “Exemption Periods” and “Loans.” They include the following information:
Exemption Periods
-
Transit Number
Identification code of your financial institution.
-
Start of Full Exemption Period
Start date of the period during which
the interest on your student
loan debt is paid by the government.
-
End of Full Exemption Period
Date as of which you become responsible for the interest on
your student loans. This marks the beginning of the partial
exemption period. You are not yet required to start repaying the principal
on your student loan, but you must start making interest
payments.
-
End of Partial Exemption Period
Date as of which you must start repaying the interest and principal on your student loans (i.e. six months after the completion of your full-time studies).
-
Confirmation
If the note “Pending Confirmation” appears, this means that we are awaiting confirmation from your financial institution regarding student loans contracted at an earlier date.
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Loans
-
Type of Loan
Type of loan contracted: student loan, computer loan, etc.
-
Loan Balance
Total amount of the student loans a financial institution has granted and which
have not been repaid.
- Outstanding Loan
The amount of a loan that is currently outstanding.
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