Use the instructions on. By default your student loan has a floating interest rate.
Student loan borrowers begin repaying their student loans six months after they graduate or leave school although interest may begin accumulating immediately.
Canada student loan interest rate. Ontario british columbia saskatchewan new brunswick or newfoundland and labrador you repay all your student loans through the national student loan service centre. 395 prime fixed interest rate. Your payment options depend on which province or territory you applied for student financial assistance.
However interest will continue to be charged on the canada student loan portion of your canada bc. Beginning january 1 2012 the government of canada eliminated interest on part time student loans while borrowers are in study. Canada student loans current variable rate is 645 prime rate 25 the fixed rate is 895 prime rate 5 and the current prime rate is 395.
Cibc current posted prime rate for canada student loans the canada student loans program cslp uses the prime rates declared by the five largest canadian banks to calculate its prime rate. It says lowering the interest rate by 25 by changing floating rates to the prime rate will save the average borrower approximately 2000 over the life of their loan and help close to 1. 595 prime rate 2 these rates are subject to change as the prime rate varies.
The interest rate for the canada student loan portion of your canada bc. Plus prime refers to the average bank prime rate in canada which fluctuates often but is at a whopping 395 as of january 2019. Please contact the nslsc to confirm the current rate.
Federal loans issue an interest rate of 25 plus prime with repayments due starting six months after the borrower finishes school. You can change to a fixed interest rate at any time after you enter repayment. For alberta student loans the interest rate charged is the prime rate as declared by the canadian imperial bank of commerce cibc.
Integrated student loan is either the variable rate at prime from prime plus 25 percent or the fixed rate at prime plus 2 percent from prime.