If you received a Canada Student Loan(s) prior to August 1, 2000, you will have to continue dealing with the bank which provided this loan(s) until it is paid in full. If you received a Newfoundland Student Loan(s) prior to August 1, 2000 and you were in repayment on July 31, 2000, you will have to continue to deal with CIBC on all matters pertaining to that particular loan(s).
If all of your student loans, both provincial and federal, were received after July 31, 2000, the National Student Loans Service Centre will be your single point of contact for all issues pertaining to the cashing of your loan certificates, keeping your loans in interest-free status while you are still in school and, the repayment process.
For more details, please refer to the scenarios below:
| Scenario | Changes |
|---|---|
| You received your student loan(s) on or after August 1, 2000. | Your provincial student loan(s) has been purchased by the Province. Your provincial student loan(s) and your federal student loan(s) will be administered by the NSLSC, as one loan rather than two. You will have only one loan payment. |
| You were in school on July 31, 2000, and did not receive additional student loans after this date. | Your provincial student loan(s) has been purchased by the Province and administered by the NSLSC, rather than CIBC. Your pre-August 1, 2000 federal student loan(s) remains with the financial institution that cashed them. You continue to have two loan payments. |
| You were in school on July 31, 2000 and received additional student loans after this date. | All of your provincial student loan(s) have been purchased by the Province. Your provincial student loan(s) and your post-July 31, 2000 federal student loan(s) will be administered by the NSLSC, as only one loan rather than two. Your pre-August 1, 2000 federal student loan(s) remains with the financial institution that cashed your student loan(s). You continue to have two loan payments. |
| On July 31, 2000, all of your loan(s) were in repayment and you have not received additional student loans after this date. | Your provincial student loan(s) remains with CIBC. Your federal student loan(s) remains with the financial institution that negotiated your loan(s). There will be no change in either your federal or provincial student loan(s), and you continue to have two loan payments. |
| On July 31, 2000, all of your loan(s) were in repayment, but you have received additional student loans after this date. | Your pre-August 1, 2000 provincial student loan(s) continues to be administered by CIBC. All of your post-July 31, 2000 provincial loans will be purchased by the Province and transferred to the NSLSC. As a result, all of your post-July 31, 2000 provincial loan(s) will be administered by the NSLSC, along with any post-July 31, 2000 federal student loans. Your pre-August 1, 2000 federal student loan(s) remains with the financial institution that cashed them. In this scenario, you have three loan payments. |