Repayment Assistance for Student Loans

Note:

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.