Interest can make a big difference on how quickly you pay off your loan, and to the total amount you end up paying. The best way to make real progress in clearing student debt is to not pay any interest at all!
Once you finish your studies, you’ll have 0% interest for the first six months. Read on to learn how to keep it that way.
It’s Good to Come Home
Receive a 0% interest rate when you come back to live in the NWT within six months of the time you stop being a full-time student. Great career opportunities + the quality of life + 0% interest = an unbeatable combination. The northern lights are just a bonus!
When Interest Kicks In
If you don’t return to live in the NWT, the 0% interest rate applies only for the first six months after you complete your studies. After that, the interest on your loan is calculated at 1% below the Bank of Canada’s Prime Business Rate as of January 1st of the year you stopped being a full-time student.