Student Loan Administration and Repayment in Canada

The Canada Student Loan (sometimes referred to as the National Student Loan) is administered by National Student Loan Service Centre under contract to Human Resources and Social (Skills) Development Canada (HRSDC). Students have the choice of opting for a fixed interest rate of prime interest rate + 5%, or a floating interest rate of prime interest rate + 2.5%. Newfoundland and Labrador and Prince Edward Island were the only provinces where there was no interest on the provincial loan, but as of March 28, 2014, the government of Nova Scotia also eliminated interest for all graduates who entered repayment after Nov. 1, 2007. The government of British Columbia eliminated interest on its student loans on February 19th 2019.