Your loan is in arrears when you have missed one or more scheduled loan payments. If you do not make any payments on your Canada Student Loan for 270 consecutive days, you are considered to be in default.

The prime rate is the rate used as a base to calculate the interest applied to a Canada Student Loan. It is calculated using the rates declared by the five largest Canadian financial institutions as their prime rate. The five institutions are: the Bank of Montreal, the Canadian Imperial Bank of Commerce, the Bank of Nova Scotia, the Royal Bank of C [..]