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Interest rate

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
January 1, 2018 to June 30, 2018 3.70%
December 1, 2017 to May 31, 2018 3.70%
November 1, 2017 to April 30, 2018 3.70%
October 1, 2017 to March 31, 2018 3.70%
September 1, 2017 to February 28, 2018 3.45%
August 1, 2017 to January 31, 2018 3.45%
July 1, 2017 to December 31, 2017 3.20%
June 1, 2017 to November 30, 2017 3.20%
May 1, 2017 to October 31, 2017 3.20%
April 1, 2017 to September 30, 2017 3.20%
March 1, 2017 to August 31, 2017 3.20%
February 1, 2017 to July 31, 2017 3.20%
January 1, 2017 to June 30, 2017 3.20%
December 1, 2016 to May 31, 2017 3.20%
November 1, 2016 to April 30, 2017 3.20%
October 1, 2016 to March 31, 2017 3.20%
September 1, 2016 to February 28, 2017 3.20%
August 1, 2016 to January 31, 2017 3.20%
July 1, 2016 to December 30, 2016 3.20%
June 1, 2016 to November 30, 2016 3.20%
May 1, 2016 to October 31, 2016 3.20%
April 1, 2016 to September 30, 2016 3.20%
March 1, 2016 to August 31, 2016 3.20%
February 1, 2016 to July 31, 2016 3.20%
January 1, 2016 to 30 June, 2016 3.20%
December 1, 2015 to May 31, 2016 3.20%
November 1, 2015 to April 30, 2016 3.20%
October 1, 2015 to March 31, 2016 3.20%
September 1, 2015 to February 29, 2016 3.20%
August 1, 2015 to January 31, 2016 3.20%
July 1, 2015 to December 30, 2015 3.35%
June 1, 2015 to November 30, 2015 3.35%
May 1, 2015 to October 31, 2015 3.35%
April 1, 2015 to September 30, 2015 3.35%
March 1, 2015 to August 31, 2015 3.35%
February 1, 2015 to July 31, 2015 3.35%
January 1, 2015 to June 30, 2015 3.50%
December 1, 2014 to May 31, 2015 3.50%
November 1, 2014 to April 30, 2015 3.50%
October 1, 2014 to March 31, 2015 3.50%
September 1, 2014 to February 28, 2015 3.50%
August 1, 2014 to January 31, 2015 3.50%
July 1, 2014 to December 31, 2014 3.50%
June 1, 2014 to November 30, 2014 3.50%
May 1, 2014 to October 31, 2014 3.50%
April 1, 2014 to September 30, 2014 3.50%
March 1, 2014 to August 31, 2014 3.50%
February 1, 2014 to July 31, 2014 3.50%
January 1, 2014 to June 30, 2014 3.50%
December 1, 2014 to May 31, 2014 3.50%
November 1, 2013 to April 30, 2014 3.50%
October 1, 2013 to March 31, 2014 3.50%
September 1, 2013 to February 28, 2014 3.50%
August 1, 2013 to January 31, 2014 3.50%
July 1, 2013 to December 31, 2013 3.50%
June 1, 2013 to Novembre 30, 2013 3.50%
May 1, 2013 to October 31, 2013 3.50%
April 1, 2013 to September 30, 2013 3.50%
March 1, 2013 to August 31, 2013 3.50%
February 1, 2013 to July 31, 2013 3.50%
January 1, 2013 to June 30, 2013 3.50%
December 1, 2012 to May 31, 2013 3.50%
November 1, 2012 to April 30, 2013 3.50%
October 1, 2012, to March 31, 2013 3.50%
September 1, 2012, to February 28, 2013 3.50%
August 1, 2012 to January 31, 2013 3.50%
July 1, 2012 to December 31, 2012 3.50%
June 1, 2012 to November 30, 2012 3.50%
May 1, 2012 to October 31, 2012 3.50%
April 1, 2012 to September 30, 2012 3.50%
March 1, 2012 to August 31, 2012 3.50%
February 1, 2012 to July 31, 2012 3.50%
January 1, 2012, to June 30, 2012 3.50%
December 1, 2011, to May 31, 2012 3.50%
November 1, 2011, to April 30, 2012 3.50%
October 1, 2011, to March 31, 2012  3.50%
September 1, 2011 to February 29, 2012 3.50%
August 1, 2011 to January 31, 2012 3.50%
July 1 to December 31, 2011 3.50%
June 1 to November 30, 2011 3.50%
May 1 to October 31, 2011 3.50%

 

Interest rate payable by the borrower following the conclusion of a repayment agreement

At the end of your partial exemption period, you are required to begin repaying your student debt. You must conclude a repayment agreement with your financial institution, which will grant you a variable or a fixed interest rate.

Variable interest rate

The variable interest rate corresponds to the prime business rate plus 0.50% (50 basis points).

Variable interest rates payable by the borrower
Date Rate
September 13, 2017 3.70%
July 19, 2017 3.45%
July 22, 2015 3.20%
January 28, 2015 3.35%
September 15, 2010 3.50%
July 21, 2010 3.25%
June 2, 2010 3.00%
April 22, 2009 2.75%
March 4, 2009 3.00%
January 21, 2009 3.50%
December 10, 2008 4.00%
October 22, 2008 4.50%
October 15, 2008 4.75%
April 23, 2008 5.25%
March 5, 2008 5.75%
January 23, 2008 6.25%
December 5, 2007 6.50%
July 11, 2007 6.75%
May 25, 2006 6.50%
April 26, 2006 6.25%
March 8, 2006 6.00%
January 25, 2006 5.75%

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.

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