I am having an out of money experience."    -- Author Unknown
On campus & everyday  saving tips See how much your education will cost Learn how to save when banking Parents page Useful links Home Page
Free Money - money you don't have to pay back Make a budget plan, save it on for future reference Learn about Interest Relief & Debt Reduction Grants Inspiring essays and articles Send in your comments Check for money related new items
 You Are: Home | Debt Reduction
 

Newfoundland Student Loan Interest Relief
Program Summary Information

What is the Newfoundland Student Loan Interest Relief Program?
How does Interest relief work?
When can I apply?
Where do I apply?  (Call: 1 866 253-2422)
For how long will I receive Interest Relief?
Government of Newfoundland & Labrador Student Aid Division


    What is the Newfoundland Student Loan Interest Relief Program?

        The Newfoundland Student loan Interest Relief program was introduced by the government of Newfoundland & Labrador in 1994 to assist borrowers who are experiencing undue financial hardship in repayment of their Newfoundland Student Loans as a result of a period of unemployment or low income.

    How does Interest relief work?

    Interest relief benefits those who experience difficulty in making monthly payments on their student loans. The federal and provincial governments cover the interest charges and no payments are required.

    Eligibility is based on gross family income and financial assets and the monthly student loan payment(s). Interest relief is available for an initial period of 30 months throughout the life of repayment and an additional 24 months within the first five years of repayment for those who qualify.

    To apply, students must contact the lender(s) holding their student loans. Remember, federal and provincial programs require separate applications. Interest relief can be approved for 6 month intervals. At the end of an approved period a borrower must either contact the lender(s) to arrange to resume repayment or reapply for an additional period of interest relief.


    When can I apply?

    You can apply for Interest Relief anytime during the repayment process from the time you enter into repayment status on your Newfoundland and Labrador Student Loans.

    Where do I apply?

    You must apply to the Lender of your Newfoundland and Labrador Student Loan (CIBC National Student Centre - Call: 1 866 253-2422). Information and applications are available from CIBC National Student Centre (Edulinx)

    For how long will I receive Interest Relief?

    Interest Relief is usually approved for a 6 month period per application up to a lifetime limit of 30 months over the life of repayment and an additional 24 months within the first 5 years of repayment.

    For answers to other questions regarding Interest Relief, please visit Government of Newfoundland & Labador brochure.

    Government of Newfoundland & Labrador Student Aid Division






  Student Affairs & Services Home Page