If you cannot pay your student loan, do not ignore it. Arrears can grow and credit damage can follow, but support programs can reduce payments.
What may happen
- Missed payment and account delinquency.
- Credit reporting after sustained non-payment.
- Collection activity if default continues.
Best first action
Apply for Repayment Assistance Plan as soon as possible. Many borrowers qualify for reduced payments based on income.
Other options
- Interest relief and temporary hardship measures.
- Budget restructuring and debt prioritization.
- Provincial program checks (rules vary).