Repayment Assistance for Student Loans
The repayment period for all student loans begins on the date the borrower graduates or leaves school. Payments are not required until six months after the repayment period begins; however, interest accumulates during this time.
Help Repaying Your Loan
Borrowers having difficulty paying back their student loan may be eligible for repayment assistance. Find out more:
Tax Relief for Students
The Government of Canada offers various forms of tax relief to students:
- a 15 percent tax credit on the interest you pay on your student loans each year;
- tax-free Registered Retirement Savings Plan withdrawals for the purposes of Lifelong Learning;
- an education claim of $400 per month on your tax form for full-time studies;
- a non-refundable textbook tax credit of $65 for each month you're enrolled in a course that entitles you to a full-time education tax credit; and
- a full tax exemption for all post-secondary scholarships and bursaries. You'll still receive a T4A slip but if the scholarship or bursary relates to enrolment in a program that entitles you to the Education Tax Credit, then the amount doesn’t need to be reported on your income tax return.
For more information, visit Students and Income Tax: Canada Revenue Agency.
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