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The Canada Student Loan Program (sometimes referred to as the National Student Loan) is administered by National Student Loan Service Centre [6] a part of Human Resources and Social (Skills) Development Canada (HRSDC). Students have the choice of opting for a fixed interest rate of prime interest rate, or a floating interest rate.
For the first 6 months after graduation, finishing studies, or no longer being a full-time college or university student: no loan payments are needed; interest is charged on the Ontario portion of the student loan; interest will not accrue on the Canada portion of the student loan [25] This is a 6-month grace period.
The Dominion-Provincial Student Loan Program was the first federally funded student loan program accessible to university students in Canada. Originally, only five provinces joined the initiative, but by 1944 all nine provinces were participating. Newfoundland joined the scheme in 1950, soon after joining confederation in 1949.
The Canada Student Loan and New Brunswick Student Loan is an integrated student loan for which the federal government provides 60% (up to $210 per week of study) and the provincial government provides the other 40% (up to $140 per week of study) of the student's assessed need. [75]
On January 11, 2013, Minister Diane Finley announced that a hard drive containing information of 583,000 student loan borrowers had been lost from a Canada Student Loans Program (CSLP)/HRSDC office in Gatineau, Quebec. [4] Borrowers who registered a loan between 2000 and 2006 were potentially affected.
Fannie Mae. Monthly student loan payment as listed on credit report or student loan statement; if deferred or in forbearance, either 1% of balance or one monthly payment