Interest Free Status
Interest Free Status for Full Time Students
To keep your loan(s) in good standing if you are NOT receiving a new Canada-Ontario Integrated Student Loan, you must notify the Ministry that you are a full time student. Procedures for maintaining interest-free status is as follows:
- Full time students: you must provide Student Client Services at the University of Guelph, 3rd Floor, University Centre with a completed Continuation of Interest-Free Status/Confirmation of Enrolment form.
- Part time student with permanent disabilities AND are taking 1.0 credits: you must provide a Proof of Disability Form issued to you by CSD Office with your completed Continuation of Interest-Free Status/Confirmation of Enrolment form.
- Student attending an institution Outside Ontario or Canada: you must provide the Ministry of Training, Colleges and Universities, PO Box 4500, Thunder Bay, ON P7B 6G9 with a completed Continuation of Interest-Free Status/Confirmation of Enrolment form.
- ALL students (Graduate, Co-op and Undergraduate)
- Please note that to ensure you loans remain in Interest Free Status, you must complete the Continuation of Interest Free Status Form for Fall/Winter and Summer.
- It is important that you be aware that a Continuation of Interest Free Status is also required for the summer months of study and co-op work term.
- We recommend this form be submitted at the beginning of each semester. This form must be received by the Ministry within 6 months of the end of your last study period. The information will then be electronically forwarded to your lender and/or the National Student Loan Service Centre.
Note: We are unable to complete this form once your study period has ended.
Interest Free Status for Part Time Students
While you are in school, you are not required to make loan payments but interest will accumulate on your loan.
Note: If the National Student Loans Service Centre (NSLSC) and/or your previous lender(s) are not advised that you are continuing your studies, you will be asked to start full repayment of your loans (principal and interest). Therefore, you are responsible for ensuring that your previous part-time loan(s) remain in interest-only status if you are continuing in part-time or full-time studies for the current academic year.
How to maintain interest-only status:
- You must ensure that NSLSC and/or the financial institution holding your previous loan(s) is informed that you are back in school.
- You must have your post-secondary institution complete a Canada Student Loans Program Confirmation of Enrolment (Schedule 2).
- This form is available from the University of Guelph, Student Financial Services, the National Student Loans Service Centre (NSLSC), or your previous lender(s).
- This form must be forwarded to the NSLSC or to the lender holding your previous loan(s).