Upon graduation (or when you interrupt your studies), you will have to consider the repayment of your loan debt. The Scholarships and Student Aid Office regularly offers workshops, through the Frugal Scholar Program, on this topic.
The Quebec government pays the interest on your loan while you are considered a full-time student. You will be responsible for paying the interest that accrues on your loan at the beginning of the first month following your last day of full-time studies. You do not have to start paying any part of your loan, however, until 6 months after the end of your studies. You can choose to add the interest that has accumulated over the 6 months to your overall debt.
If you are a full-time student who fell into repayment with AFE because you have not applied for financial aid this year, student [dot] aid [at] mcgill [dot] ca (contact our office). We will confirm your status to AFE, which will stop the interest accruing on your loan.
Tip: if your budget allows, making payments as soon as you finish your studies is a good way to save money on interest charges.
Here are some resources that can help with your loan repayments:
- “After Your Studies” section of the AFE website
- Student Loan Centre associated with your financial institution to discuss repayment options
- Loan Remission Program: if eligible, you could have 15% of your student loan cancelled
- Deferred Payment Plan: If you find yourself in financial difficulty, you may be eligible for having your payments delayed without interest.