Student loans
Get financial aid for your vocational, CEGEP or university studies. Choose a repayment strategy that works for you. Questions? Call our Student Advisory Centre at 1-866-388-3373 This link opens your phone app..
Overview of the government-guaranteed student loan
Financial support for your education
Offered by the Aide financière aux études (AFE), this government loan provides financial support to cover expenses related to your studies.
Interest paid by the government
The government pays the interest on your loan while you're in school. You only start paying interest at the start of the month after you've finished or stopped school.
Exemption period
You have 6 months after you finish or stop your studies to start paying back your loan. During this partial exemption period, interest continues to accumulate.
Flexible repayment options
When you set up a repayment agreement with us, you can choose which of our strategies works best for your financial situation.
Eligibility
To get a student loan, you must:
- Be a Canadian citizen, permanent resident or have refugee or protected person status
- Be considered a Québec resident
- Meet the eligibility criteria for either the Loans and Bursaries program for full-time studies External link. or the Part-Time Education Loan Program External link.
Not eligible for a student loan?
- Check out our other financing options, like the Student Advantage Line of Credit or the Student Strategic Line of Credit (for specific fields of study).
- Apply for a Desjardins Foundation scholarship.
How to apply for a student loan
Step one
Fill out the application by following the instructions for either full-time External link. or part-time studies External link., available on the Quebec government site.
Step two
Wait for the AFE to process your request. They'll let you know how much you've been approved for and how payments will work.
How to get your funds
Once we get your documents, we'll deposit the money into your everyday account. Make sure you have an account with us. To speed things up, use an account where you're the sole account holder.
If you use a joint account for the deposit, there may be a delay for verification purposes.
Loan Remission Program
The Loan Remission Program allows you to reduce your student loan debt by 15% if you completed a full-time program of study within the expected deadline. To apply, visit the Government of Quebec website External link..
How to pay back your student loan
Set up a repayment agreement
You must enter into a repayment agreement with our Student Advisory Centre before the end of the partial exemption period. The agreement terms are based on your financial situation, your ability to pay back your debt, and the maximum amortization period allowed for your balance. We can also help you determine your payment frequency, amortization period and payment dates.
You'll receive a copy of the repayment agreement by mail or email once it's all settled.
Don't have a repayment agreement?
If you haven't set up a repayment agreement before the end of the partial exemption period, we'll automatically send you your repayment terms. We'll determine these terms according to your loan's balance and maximum amortization. The first payment is taken from your account on the date listed in the terms.
Contact our Student Advisory Centre if you want to change your repayment terms, make a prepayment or let us know of a specific situation.
Good to know
If you studied full time and then begin studying part time, you must continue to repay your debt.
A few repayment strategies
Interest payment
Start repaying the interest during the partial exemption period if you're financially able so you'll have less to pay back later.
Accelerated payment
Make accelerated weekly or bi-weekly payments to save on interest and reduce your loan amortization.
Prepayment
Before paying off your student loan early, check the interest rates on your other loans, credit cards or lines of credit. Pay back the debt with the highest interest rate first.
Deferred payment plan
If you're having trouble paying back your loan, look into the AFE's Deferred payment plan External link., which allows you to lower or suspend your payments
Tools to guide you
Student profile
Keep your Student profile up to date on AccèsD to get advice and offers tailored to your needs.
My budget
Get a clear picture of your income and expenses with the My budget tool. It can help you set your priorities and plan for unexpected expenses so you can reach your financial goals.
FAQ
A student loan is guaranteed by the government. It gives you access to financing which you start repaying when you finish or stop your studies. You pay interest on the total loan amount, but the government covers the interest while you're still in school.
We offer the student line of credit to help you with student expenses. You get a set amount that you can use as you wish. While you're still studying, you only pay the interest on the amount used on your line of credit.
If you study full time, you can use the AFE's assessment simulator External link. to see how much you might receive under their loans and bursaries program.
There's no assessment simulator available for part-time studies.
That depends on where you are in your studies.
- While you're in school, the government pays the interest for you.
- During the partial exemption period, you start paying the interest while it begins to accumulate. You have 3 options: start paying down the capital and interest right away, pay only the interest or add the interest accumulated during the partial exemption period to your student debt. The rate is fixed unless you enter into an agreement with our Student Advisory Centre before the end of this period.
- After the partial exemption period, the loan is consolidated and you have to pay back the interest and capital. The interest rate then becomes variable, unless you already have a repayment agreement set up. The rate is set by the AFE and corresponds to our prime rate + 0.50%. You can change from a variable to a fixed rate at any time by contacting our Student Advisory Centre.
Yes, the interest paid on government-guaranteed student loans is tax deductible through non-refundable provincial and federal tax credits.
Check your monthly statements on AccèsD or the Desjardins mobile services app to see how much interest you've paid. Make sure to keep these statements, especially the December one, as it gives you a view of how much cumulative interest you've paid during the taxation year. You'll need them for your tax return.
In a web browser
- Log in to AccèsD.
- Select your Everyday transaction account.
- Select Statements, then choose the monthly statement you want.
- View the Interest column under the Student loan section. If you selected the December statement, view the Interest paid line under Annual summary for the cumulative interest amount paid.
In the Desjardins mobile services app
- Log in to the Desjardins mobile services app.
- Select Accounts.
- Select your Everyday transaction account.
- Select Statements, then choose the monthly statement you want.
- View the Interest column under the Student loan section. If you selected the December statement, view the Interest paid line under Annual summary for the cumulative interest amount paid.
No, you must be a Quebec resident to get a student loan. For student lines of credit, you must be a resident of either Quebec or Ontario.
Contact our Student Advisory Centre
By phone
Monday to Thursday: 8:30 AM to 7 PM
Friday: 8:30 AM to 5 PM
1- 866-388-3373 This link opens your phone app.
We can also call you when it's convenient.