What is a repayment holiday?
A. A repayment holiday allows you to suspend your one direct variable or fixed rate loan repayments for up to three months. Approval of a repayment holiday is subject to the following: • a minimum of two years Principal and Interest repayments must have been made to your loan; • a maximum of one repayment holiday can be taken every two years; • there must be no repayment arrears or history of repayment arrears greater than 30 days on your loan; • interest on your loan will continue to accrue during the period in which your repayment holiday applies; and • your loan repayment amount may increase from the date your regular repayments restart so that your loan is repaid within its original term.
