Updated January 16, 2020
Fulfilling the B.C. Government’s dedication to make post-secondary schooling extra inexpensive, as of February 19, 2019, the rate of interest on B.C. Government-issued student loans has been eradicated. This change advantages all present and future debtors.
Frequently Asked Questions
What is altering?
- As of November 1, 2019, the curiosity on Canada Student Loans in the course of the non-repayment (grace) interval was eradicated. Students now not accumulate any curiosity on Canada Student Loans in the course of the six-month non-repayment interval after leaving faculty.
- As of November 1, 2019, the variable price was lowered to prime (from prime plus 2.5 %) and the mounted price was lowered to prime plus 2 % (from prime plus 5 %).
- Effective February 19, 2019, the rate of interest charged on all B.C. Government-issued student loans is eradicated.
- Students are nonetheless accountable for paying curiosity that has accrued on B.C. Government-issued student loans previous to February 19, 2019.
- Previously, curiosity on the B.C. portion of student loans was charged on the prime price.
Who might be impacted by this transformation?
- This change advantages all present and future debtors.
What curiosity will I nonetheless should pay?
- No curiosity might be charged on B.C. Government-issued student loans as of February 19, 2019. However, curiosity will proceed to be charged on the Canada Student Loan portion of your Canada-B.C. Integrated student loans.
- The rate of interest for the Canada Student Loan portion of your Canada-B.C. Integrated student loan is both the variable price at prime (from prime plus 2.5 %) or the mounted price at prime plus 2 % (from prime plus 5 %).
When will this transformation be mirrored on my loan assertion?
- The elimination of curiosity might be mirrored in your student loan statements as of October 2019.
- The elimination of curiosity on B.C. student loans might be retroactive to February 19, 2019.