What to Do If You Can’t Pay Your Student Loan Back

Life can be unpredictable. When things don’t go as expected, it can become impossible to pay a big student loan back completely. So then how can you overcome student loan debt? If your loan comes from the provincial or federal government, then contact Canada’s National Student Loans Service Centre (NSLSC). Explain your situation and work with them to find a solution. They can help you to extend your loan’s amortization period. This will help you to lower your monthly payments. Since the federal portion of your loan is already interest-free, any interest relief they can offer would apply to the provincial portion, which varies by province.

Are you struggling with non-government debt? A student line of credit or credit cards can be tough to pay back. Rest assured, our non-profit credit counsellors can help you explore possible solutions. We can also help you with debt consolidation or offer other debt management solutions. You can set up a free appointment by calling us at 1-888-527-8999. We can also be reached by email. Our live chat is open as well, so feel free to ask us a question. Your education is important, but so is your financial wellbeing. Help is only a click or call away.

Next up in this mini-series: Why Get a Student Loan, Are They Good or Bad and How to Overcome Repayment Problems 2 / 4

Last Updated on August 13, 2026