Canadian Students

Need-to-Know Info

 

Student Loan Interest: How and When It Accrues

  • Your province will consider your last day of class in term 6 as your separation date
  • Your loan(s) will start accruing interest as of your separation date and until your first day in a clinical rotation (not your orientation date)
  • If you start your rotation within 6 months of your last day of attendance, your province will reverse any interest that has accrued during that time
    • You must apply for a new loan or complete a Continuation of Interest-Free Status form/Schedule 2 to notify your province that you will be starting your rotations
    • If one of these are not completed, your province will not know when you resume your studies and you will be responsible for all interest that has accrued on your loans up until the time they are subsequently notified
  • If you do not start your rotations within 6 months, you will be required to start making payments on your loan
    • When you resume your education, you can then submit a Continuation of Interest-Free Status/Schedule 2 form to Brittany Hartman in the Registrar's office at bhartman@sgu.edu.
      • This will stop your payments due and interest accrual immediately upon receipt by your province 
    • ‚ÄčAt the same time, you will be able to submit your new loan application to apply for funding
  • Verify all processing deadlines with your province to prevent denial of financial awards

 

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