The interest rate for B.C. student loans has been eliminated as of February 19, 2019,. This change applies to B.C. Direct Lend integrated and unintegrated student loans, overawards, and B.C. Risk-Sharing/Guaranteed loans in default. The federal interest rate applied to Canada Student Loans remains unchanged at prime plus 2.5%.
This initiative will fulfill the B.C. Government’s commitment to make post-secondary education more affordable for borrowers and reduce the financial burden on students.
Eliminating the interest rate will benefit approximately 200,000 borrowers currently in-study or in repayment, as well as future borrowers by reducing the amount of their monthly payments.
Please consult the Frequently Asked Questions section Frequently Asked Questions section on the StudentAid BC website for additional questions.