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