Change Your Monthly Payment Amount
Generally, when your loan status changes to Repayment, you have up to 114 months (9.5 years) to repay your loan (this is called an amortization period).
With a Revision of Terms, you may request an extended amortization period of up to 174 months (14.5 years) to reduce your monthly payment. However, in the long term, this will increase your total number of monthly payments and extend the amount of time it will take you to repay your loan.
You can also shorten your amortization period to pay your loan off faster.
Revision of Terms is available to most borrowers. To discuss your options, contact us.
Accelerate Your Loan Repayment
In addition to your scheduled payments, you can make lump sum payments at any time to pay down your loan faster. The lump sum payments made while your loan is in payment-free status will reduce the principal of your loan. If you have any interest that accrued before April 1, 2023, your payment will be applied to the interest you owe first and the rest will go toward the principal of your loan.
Change Your Payment Frequency and Payment Due Day
When your loan enters repayment, we will create a repayment schedule for you. Your payments will be due at the end of the month, but you may request the payment due date to be changed. Also, as long as your monthly amount remains the same, you can change your payment frequency (e.g., weekly, bi-weekly, etc.).
Change Your Banking Information and Payment Method
You can pay your loan via pre-authorized debit, online or telephone banking, cheque or money order.
If you are not set up for pre-authorized debit or need to update your banking information, you can download a Pre-Authorized Payment Form. To request a form, contact us.
Upload your completed form through your CAL online service account (you must register for an online account first if you do not have one) or mail it to us.