1. Government Sponsored Student Loans Repayment Seminar

2. Agenda In Study Payment Examples How to be Debt Free Faster Debt Management Options

3. Government Sponsored Student Loans Interest is paid by Government while you are a full-time student Repayment begins 7 months after your End of Study date If you return to school full-time you need to notify your Loan Servicer This “Grace Period” is not interest free in all programs

4. Repayment “Consolidation” occurs the first day of the seventh month after End of Study Date e.g. EOSD April 30th --> Consolidation November 1st You must sign and return the Consolidation Agreement Depending on when you received your loans, you may have loans with more than one loan servicer. Separate payments are required for each loan

5. Payment Examples your monthly payment is determined by the principal balance plus any accrued interest plus the interest rate over the term information for illustration purposes only, your loan servicer will calculate your repayment schedule

6. How much interest will I pay? your monthly payment is determined by the principal balance plus any accrued interest plus the interest rate over the term information for illustration purposes only, your loan servicer will calculate your repayment schedule

7. Payment Comparisons your monthly payment is determined by the principal balance plus any accrued interest plus the interest rate over the term information for illustration purposes only, your loan servicer will calculate your repayment schedule

8. How Can I Be Debt-Free Faster? Repaying your loan quickly will incur the least interest Options to consider as your finances permit: Request an amount larger than the minimum calculated for the term Request Weekly or Bi-Weekly payments Make an annual lump sum Increase the monthly amount by $10, or $25 or $100 in each year Pay your loan in full at any time without penalty

9. Debt Management Tools Contact your loan servicer immediately if you foresee financial difficulties Check out these government programs: Interest relief Revision of Terms Debt reduction Loan Remission or Forgiveness

10. Interest Relief Debt management tool offered by all programs Approval based on family income, family size and payment level Once approved: No payments required Government pays the interest Contact loan servicer to apply prior to missing payments

11. Revision of Terms Changes the term and your monthly payment based on financial situation Options: extending the term to maximum interest only payments re-amortization after lump sum payments Payments are required each month based on the Revision of Terms agreement

12. Debt Reduction in Repayment Eligibility: Must have used at least 30 months of the Interest Relief program Must be at least 5 years past End of Study Date Must apply to have your loan principal reduced if your payments exceed a given percentage of your income Contact your loan servicer to apply

13. Bankruptcy Declaring bankruptcy is no longer an option to avoid student loan payments Federal government regulations will not forgive student loan debt on bankruptcy unless you have been out of school ten years Check out debt management tools available Contact your loan servicer to discuss options before missing payments

14. Managing Your Student Loan Some Loan Servicers now have on-line services to provide access to information and details of your student loan You can: Check the status of your student loan Check the balance of your loan(s) Review details of new loans you’ve recently received Update your Mailing and Permanent Addresses and other contact information on-line Review your loan payment and transaction history Receive helpful information about your loan in your Personal Message Centre

15. Tips from your Loan Servicer Sign and return the Consolidation Agreement Maintain contact with your loan servicer Always keep address up to date Remember you will have a tax credit in repayment Contact your loan servicer with any questions about your file or to change any information

16. Contacts For additional information www.Canlearn.ca National Student Loans Service Centre – Public Institutions Division 1 888 815- 4514 CIBC National Student Centre 1 800 563-2422 Royal Bank Student Centre 1 800 363-3822 Bank of Nova Scotia 1 888 284-3044