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.
There are two options for loan payments:
1. Payment in full, by cheque or online banking.
2. Monthly payments.
- 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.
Your minimum monthly payment should be in accordance with the following table (based on original loan amount plus finance charges).
| 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 |
Redeemer Student Fund Loan accounts are not available online. Statements for loans that are due are mailed out every 3 months. Please contact the business office at 905-648-2131 ext. 4286 or email business-office@redeemer.ca if you are in need of your most up-to-date balance of your loan.
