What Happens When You Fall Behind on Your Student Loan Payments?
When a Student Loan is Considered to be Delinquent or in Default
How to Get Your Student Loan Back in Good Standing
If you want to get your student loan back into good standing you must first make six consecutive loan payments and pay off any outstanding interest and fees that accrued during the period of default. If you have successfully completed those steps you can apply to have your loan returned to good standing in BC at the StudentAid BC website. However, just because your student loan is returned to good standing doesn’t mean that your credit is fixed. Any late or missed payments will report on your credit report for 6 years in most provinces.
If your account is delinquent or in default or is at risk of falling out of good standing, speak with your lender or make an appointment to speak with a non-profit Credit Counsellor.