There is relief for those struggling to pay back student loans amid the COVID-19 pandemic.
The National Student Loans Service Centre (NSLSC) has announced it is suspending student loan repayment until September 30. The six-month freeze on payments applies to both the federal and provincial portions of student loans issued in Ontario, Newfoundland, New Brunswick, Saskatchewan, and British Columbia. However, for loans issued by Prince Edward Island, Nova Scotia, Alberta, and Manitoba, the repayment suspension only applies to the federal portion of the loan.
In addition, no interest will be accrued on the loans from now until the end of September.
Payment will automatically be stopped for borrowers who have set up pre-authorized debit, according to a statement on the NSLSC website.
Those paying by cheque will also not be required to mail-in payments.
For anyone who wishes to continue to pay their student loans during this time, the National Student Loans Service Centre stated it will still accept payments through the "make a payment" option on its website or through online banking.
Borrowers who remain in school and those on their six-month non-repayment period are not affected by this change.
"If your non-repayment period is set to end during the suspension period, payments and interest will automatically be suspended until September 30," the NSLSC said.
Student loan repayment will resume in October. More information on repayment options is expected to be released in the coming weeks.