NWT student loan payments to resume October 1

NWT student loan payments will resume on October 1, following a six month break due to Covid-19.

In March, the territorial government announced it was suspending all loan repayment obligations from April 1 through September 30. No interest was charged during this period.

The move was meant to help people keep more cash on hand at the beginning of the pandemic.

People who were making pre-authorized payments on their student loans don’t need to take any action unless their payment information has changed. Student Financial Assistance will begin deducting payments at regularly scheduled amounts on October 1.

People making payments by cheque, money order, or online are responsible for getting their payments in on time. 

“[The Department of Education, Culture, and Employment] understands the financial and personal challenges faced during the COVID-19 pandemic and we want to assure you that we are here to support you during these difficult times.  We do offer debt reduction programs to assist borrowers who are experiencing financial difficulty,” Student Financial Assistance wrote in an email to student loan holders.