See Also:

Overview

Background
Reading
 
How To Complete
This Quiz

Correct! - Question #5

4You must start paying back your student loan ____________________.

• immediately upon university graduation
• as soon as you get a full-time job
• six months after you have stopped being a full-time student
• at the end of your fourth year of full-time studies

Consolidation is the process through which you arrange the repayment of your Canada Student Loan. Six months after you leave your studies, you are required to begin repaying your loan principal and interest. At that time, the NSLSC will ask you to sign a consolidation agreement. The consolidation agreement will state the interest rate, the full amount of your loan, when your first payment is due, the number and frequency of payments, and the amount of each payment.

(Source: 2003-2004 Information Guide, page 16; 10 Important Steps Brochure, Section 7)

You will have to start repaying your Canada Student Loan six months after you have completed your studies or stopped going to school. You must repay your loan even if you have not obtained your degree, diploma or found a job. Should you experience financial hardship, you may be eligible for repayment assistance.

(Source: 2003-2004 Information Guide, page 28)