Your Redeemer Student Loan becomes due 4 months after you graduate or cease to be a full-time student at Redeemer.
If you do not return to full-time studies (minimum 60% course load) at Redeemer, you are required to start making payments towards your loan. Finance charges of prime plus 1% will be added to your account starting 4 months after you leave Redeemer.
- Online banking – “RF” followed by your seven digit account number.
- Post-dated cheques – post-dated cheques at the 1st of each month.
- Pre-authorized payments – PAPP form and void check – payment will be processed on the 15th of each month.
Outstanding Amount | ||
Minimum | Maximum | Minimum Payment |
$0 | $1,000 | $50 |
$1,001 | $2,000 | $75 |
$2,001 | $3,000 | $100 |
$3,001 | $4,000 | $125 |
$4,001 | $5,000 | $150 |
$5,001 | $6,000 | $175 |
$6,001 | $7,000 | $200 |
$7,001 | $8,000 | $225 |