I can’t afford to pay off my student loan?

What Can I Do To Payoff a Student Loan?

I’m struggling with the repayment of my Canadian student loan. In this economic climate we are hearing this more and more. There are two options:

  • Change your repayment plan
  • Apply for Repayment Assistance Plan

Can You Change Student Loan Repayment Plan?

You have two options with your student loan repayment plan: you can adjust the monthly amount or change the repayment term. Speak with your loan provider to determine the options within your payment plan.

NOTE for BC Residents: As of February 19, 2019 the provincial portion of the interest payment is no longer required. Interest accrued before February 19 will need to be paid, but no further provincial interest will be calculated. You are still responsible for the Federal interest payment charges before, and after, this date.  See this page for further information:


If adjustments to your payment plan are still not manageable, then review the eligibility of the Repayment Assistance Plan:


What Is The Student Loan Repayment Assistance Plan?

The Repayment Assistance Plan helps you to manage your student loan debt by reducing your monthly payment.

See this page on the Government of Canada website for further information:


Excerpt from the Government website:

  • Your monthly student loan payments would either be reduced, or you would not have to make any payments, depending on your financial situation. If you have a permanent disability, it could also depend on your permanent disability-related expenses, which include allowable uninsured medical expenses, special care and other expenses directly related to your permanent disability.
  • Enrolment is not automatic, and you must re-apply for this plan every six months.

Financial Eligibility Thresholds

There are five different financial eligibility thresholds. Here are a couple examples of the income threshold by family size. If you are single person, the gross income is set at $25,000. If you are family of 3, the gross family income threshold is $50,457. In order to participate in the program, your income needs to remain below the thresholds described for your families’ gross income. You must re-apply to the program every 6 months to determine if you are still eligible.

More details of the payment process can be found on this page of the government site:


You can apply for this program through the link below. The first step you will need to do is register for a National Student Loan Services Centre (NSLSC) account.


Repayment Assistance Estimator

The Estimator will provide you with estimates of your final repayment amounts. 

Here is an example of the results from the estimator.

If your Student Loans are in Collections, please contact us to discuss your situation with one of our Credit Counsellors. The consultation is free of charge.

You may have some options to include your student loan debt in a Debt Management Plan.

For more information, refer to – Student Loans & Debt Consolidation.

If you have more questions about your debt, you can also check out our Questions page where we have answered many common questions about debt and your everyday life.