Skip to main content


Congratulations! You’ve done it!

Your journey through university is coming to an end and it’s time to start a new chapter in your life. So what’s next? Career? Internship? Study? If you’ve taken out government student loans to fund your education, it’s also time to make arrangements to pay those back.

Don’t know your options or need help? Come to the Financial Aid and Awards Office and meet with one of our advisors – it’s never too early to start planning!

Tips for Repaying Your Student Loan

1.     Understand your loan and the terms of your repayment agreement

  • You can generally find this information on the loan agreement (i.e. Master of promissory note, Certificate of guarantee, etc.) that you provided to your financial institution. If you have any questions, contact your loan provider and your financial institution.

2.     Budget - Make a plan and stick to it!

  • How much can you afford to pay? What is your timeframe?
  • Be realistic – it’s better to overestimate than to underestimate.
  • Be prepared to make some sacrifices and be disciplined.
  • Use budgeting apps to track your spending and stay within your set budget.

3.     Start paying back right away

  • If possible, avoid postponing payments — not only will you get into the routine of repaying sooner but you will also avoid having interest accumulate.

4.     Pay back with every paycheck

  • With each payment you make, the principal of your loan will decrease, and in turn decrease the amount of interest you will pay during the lifetime of your loan.

5.     Make extra payments

  • If you can, set aside a portion of every paycheque to make extra payments on your loan if your budget permits. Making extra payments will help you pay off your loan sooner and will decrease the amount of interest you pay.

6.     Check if you qualify for a tax credit

  • The government may grant you a non-refundable tax credit on the interest paid on your student loan.

Repayment FAQ

Back to top Back to top

© Concordia University