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Interest rate payable by the borrower during the partial exemption period

During the six months following the termination of your full-time or part-time studies, you benefit from a partial exemption. You are not yet required to repay your debt, but as of the beginning of the month following your completion or withdrawal from your studies, you assume responsibility for the interest that accrues on your debt. You can begin to repay the interest or allow them to accrue for six months before paying them. You can also request that the interest be capitalized, that is, added to your student debt.

If you resume your studies during the partial exemption period, the government will again assume responsibility for paying the interest that accrues on your student debt. It will pay your financial institution all the interest that has accrued since the beginning of your studies. It will do so if you have pursued full-time studies and you are resuming full-time studies. It will also do so if you have pursued part-time studies and you resume part-time or full-time studies. However, it will not do so if you have pursued full-time studies and you resume part-time studies. In that case, you must assume responsibility for the interest accrued on the debt accumulated during your full-time studies and prepare to repay them.

Interest rates applicable during the partial exemption period
Period	Rate
August 1, 2009, to January 31, 2010	2.75%
September 1, 2009, to February 28, 2010	2.75%
October 1, 2009, to March 31, 2010	2.75%
November 1, 2009, to April 30, 2010	2.75%
December 1, 2009, to May 31, 2010	2.75%
January 1, 2010, to June 30, 2010	2.75%
February 1, 2010, to July 31, 2010	2.75%
March 1 to August 31, 2010	2.75%
April 1 to September 30, 2010	2.75%
May 1 to October 31, 2010	2.75%
June 1 to November 30, 2010	2.75%
July 1 to December 31, 2010	3.00%
August 1, 2010, to January 31, 2011	3.25%
September 1, 2010, to February 28, 2011	3.25%
October 1, 2010, to March 31, 2011	3.50%
November 1, 2010, to April 30, 2011	3.50%
December 1, 2010, to May 31, 2011	3.50%
January 1, 2011, to June 30, 2011	3.50%
February 1, 2011, to July 31, 2011	3.50%
March 1 to August 31, 2011	3.50%
April 1 to September 30, 2011	3.50%
May 1 to October 31, 2011	3.50%
June 1 to November 30, 2011	3.50%
July 1 to December 31, 2011	3.50%
August 1, 2011 to January 31, 2012	3.50%
September 1, 2011 to February 29, 2012	3.50%
October 1, 2011, to March 31, 2012	3.50%
November 1, 2011, to April 30, 2012	3.50%
December 1, 2011, to May 31, 2012	3.50%
January 1, 2012, to June 30, 2012	3.50%
February 1, 2012 to July 31, 2012	3.50%

Variable interest rates payable by the borrower
Date	Rate
January 25, 2006	5.75%
March 8, 2006	6.00%
April 26, 2006	6.25%
May 25, 2006	6.50%
July 11, 2007	6.75%
December 5, 2007	6.50%
January 23, 2008	6.25%
March 5, 2008	5.75%
April 23, 2008	5.25%
October 15, 2008	4.75%
October 22, 2008	4.50%
December 10, 2008	4.00%
January 21, 2009	3.50%
March 4, 2009	3.00%
April 22, 2009	2.75%
June 2, 2010	3.00%
July 21, 2010	3.25%
September 15, 2010	3.50%

Your repayment agreement will be based first on a variable interest rate. Subsequently, you can request a fixed interest rate at any time.

Fixed interest rate

As soon as you conclude a variable interest rate repayment agreement and so long as there is a loan balance payable, you can demand that your interest rate correspond to the fixed mortgage rate offered by the financial institution for the term you have selected.

You and your financial institution may agree to a term that exceeds those for which a mortgage interest rate is offered. If applicable, the interest rate is the mortgage interest rate the financial institution offers on its longest term.

The repayment agreement must specify the interest rate and the amount and number of instalments required to fully repay the principle and interest. The financial institution will specify the interest rate in effect at the time the fixed rate repayment agreement is concluded.

Replacing the fixed rate by a variable rate

A repayment agreement based on a fixed interest rate cannot be changed before the term expires, unless the financial institution agrees. A number of financial institutions accept to do so, although they are not required to.