Interest-Free Status for Students: Who Qualifies and What You Get
Learn how full-time students in Canada can stop interest from building up on their federal student loans while they study.
This scheme allows students to pause the accumulation of interest on their federal student loans while they are actively studying.
Who it's for
This status is available to individuals who are currently enrolled in full-time studies.
What you get
While you qualify, zero interest will accrue on your federal student loans. This means your debt balance does not grow due to interest charges while you are in school.
What it costs you
There is no monetary fee to access this status. However, it requires you to provide a confirmation of enrollment, which is an official verification from your school, to prove you are still studying.
The catch to know
You must keep your information updated. If you fail to notify the relevant authorities of changes to your status, interest will start charging on your loans immediately.
How to apply
- Contact your school to ensure they can provide a confirmation of enrollment.
- Check the official portal to see the specific steps for your loan type.
- Submit your proof of enrollment to stop interest accrual.
- Monitor your account regularly to ensure your status remains active.