The consequences to a missed payment are numerous and none of them can be characterized as positive.  You need to endeavor to ensure that it does not happen.  The following is a short list of the negative consequences of a missing even one payment:

- Your credit rating is effected immediately

- Your loans can be sent to a collection agency

- GST or Tax refunds may be withheld to repay any defaulted loans 

- Both the provincial and federal governments may take legal action against you to recover the debt

Simply put your credit rating is an evaluation of your loan repayment history.  This information is compilied from credit card companies, store charge cards, loans, mortagages, utlility payments, car payments and any number of other sources.  Having good credit means that you have a geater chance of qualifying for future credit cards, loans, mortgages, apartment rentals, ets.  Poor or bad credit can mean that these opportunities are diminished or even unavailable to you in the future.  

A student loan is no different than any other loan, it must be repayed.  When you receive your loan from either or both of the Alberta and Canada Student Loans, these are reported to the credit bureau.  

You build and maintain a positive credit rating by making payments towards the loans each month and on time.  When you are late or miss a payment that history is also reported to the credit bureau resulting in a negative impact on your credit rating.

A credit report includes a number or pieces of information including how much your still owe (your outstanding debt) and any additional credit available to you.  

The report registers any new debt (loans) you incur including student loan.  When your loans enter repayment, your payment history is reported and becomes part of your credit history.  Negative reports on your credit history will stay on your report for several years meaning that a poor repayment history has a long lasting effect on your credit bureau report.

In Canada the 2 main credit reporting agencies are TransUnion and Equifax.  You may contact either company to request your current credit rating and credit bureau report.