When looking for your student loans, remember that once your student loans come due and move through the collection process, they may break into several different portions. It is important to go back to any original paperwork that you have kept to ensure that you track all the portions.
1. If you received your student loan funding directly through the government, it would have been issued to you through the National Student Loan Centre. The NSLC has two departments:
- If you attended a public university, college or technical institute, call 888-815-4514
- If you attended a private trade school, vocational institute or career college, call 866-587-7452
Here are the names of some of the portions that you may encounter:
- Canada Integrated Student Loan
- Ontario Integrated Student Loan
- Can-Ont Integrated Student Loan
2. If you received your student loan funding through a bank, start with the following departments:
- Scotiabank Student Loans 888-284-3044
- CIBC Student Loans 800-563-2422 or 877-338-5469
- Royal Bank Student Loans 800-363-3822
Here are the names of some of the portions that you may encounter:
- Canada (federal) Student Loan
- Ontario (provincial) Student Loan
- Bank Risk Portion
??? Questions to ask ???
→ Can I please identify the name, account # and balance of each loan portion originating with you?
→ Am I eligible for interest relief on any portions?
→ Am I eligible for a revision of terms (reduced payment arrangement direct with the bank/NSLC)?
If you obtained your funding through a bank and they were not able to successfully collect the debt from you, some portions may have defaulted and been sent back to the government. Call these numbers:
- National Student Loan Centre refer to #’s above (federal or integrated student loans)
- Human Resources and Skills Development Canada 855-340-2786 (federal or integrated student loans)
- Ontario Shared Services** 705-564-7069 (provincial student loans)
**OSS may have one further portion called a Loan Forgiveness Overpayment
If the loan is in good standing the National Student Loan Centre (NSLC) has a repayment assistance program which is wonderful at working with the student to come up with a payment arrangement that fits within their financial circumstances.
At any step during the process, the bank, NSLC, HRSDC, OSS or government department may advise you that your account has been sent to and is being handled by a third party collection agency. Ask whether you can continue to deal with them directly, or whether you must make arrangements with the collection agency.
If the student loan defaulted it will be split into 2 different portions, such as the federal portion and the provincial portion. These portions may then be sent to various collection agencies.Once the loan is split it can difficult and time consuming to locate.
If the loan defaulted, contact Resolve Credit and Financial counselling. We can work out a payment arrangement between an individual and the creditor. Some portions of the defaulted loan may qualify for stopped or reduced interest once the client signs onto the Debt management program.
