WHEN SHOULD I APPLY FOR GOVERNMENT STUDENT LOANS?
Applications can take from 48 hours to 6 weeks to be processed. It is best to apply at least 6 weeks before your start date to ensure you have funding in place. If you are paying for schooling from your own resources and run out of money during the school term, you can apply for funding up to 30 days prior to your end date.
HOW SHOULD I APPLY FOR GOVERNMENT STUDENT LOANS?
Alberta Residents - if you have lived in Alberta for minimum 12 months, you can apply online at Alberta Student Aid (https://studentaid.alberta.ca/)
Non-Alberta Residents – if you have lived in Alberta less than 12 months or reside in another province but would like to attend school in Alberta, visit the student assistance program offered through your province or territory.
HOW DO I GET MY MONEY?
You will receive your loans and/or grants when:
You have completed your loan agreements online. There are 2 loan agreements called Master Student Financial Assistance Agreements (MFSAA’s), one for the province (Alberta) and one for federal (Canada). These agreements confirm your acceptance of the loan and provide your banking information for funds to be direct deposited to your bank account.
Your school has confirmed your registration
You are within 1 week of starting school
I DID NOT GET ENOUGH MONEY. NOW WHAT?
Depending on your circumstances, your living or education costs are higher or your family or personal situation has changed, you may want to request additional funding to help you cover your expenses. If so, you can submit a Request for Reconsideration. This can be done online through your MyAlbertaDigital ID account (https://studentaid.alberta.ca/).
HOW DO I PAY MY TUITION WITH A STUDENT LOAN?
You may have received tuition amounts plus a living allowance and possibly extra funds for dependent children if applicable. These amounts may be a combination of loans and grants depending on your personal circumstances. Loans and grants will originate from both provincial and federal funding sources. Your tuition amounts will be paid directly to the school and the living portion and any amounts for dependents will be direct deposited to your bank account.
WHAT HAPPENS IF I WITHDRAW FROM STUDIES?
If you are thinking of withdrawing from your program, please contact the school to talk to an advisor. Refunds are subject to the school refund policy which can be found in your enrolment contract.
Depending on how far along you are in your program, any grants you received may be converted to loans. It is best to discuss a possible withdrawal with the Student Aid office first to see how this will affect you.
Upon withdrawing from a program, you will immediately enter the 6 month grace period where no payments are required. After the 6 months, you will be required to begin monthly payments.
Withdrawing may affect your ability to receive future loans: 2 withdrawals within a 12 month period will result in the inability to receive loans for a further 12 month period.
HOW CAN I KEEP MY LOANS INTEREST FREE IF I AM CONTINUING MY STUDIES?
While you are enrolled as a full-time student, your government loans are interest-free as long as your lender is informed.
If you have previous loans and have applied for a new loan, your previous loans will automatically go into interest free status.
If you are full-time with previous loans and do not require a new loan, you will need to let Student Aid know that you are a full-time student. Please contact your advisor at the school to provide the forms you will need.
I HAVE COMPLETED MY PROGRAM, NOW WHAT?
After your study period ends, your loan amounts enter the “grace period”. This is a 6 month period where you do not have to make any payments on your student loans while you concentrate on finding employment.
If you would like to begin making payments right away, you are free to do so, but not required. Alberta Student Loans and Canada Loans will begin to send you information on repayment process in the month before your end date. You will be informed of the interest rate and payment amount.
HOW DO I MAKE PAYMENTS ON MY LOANS?
Most students who apply for Alberta Student Aid receive Alberta and Canada student loans.
2 Loans = 2 Payments
ALBERTA STUDENT LOAN REPAYMENT
At the end of your 6 month Grace Period, your Alberta student loan enters repayment. A payment schedule is calculated for you, based on the amount of your Alberta student loan debt.
If your banking information is on file, your monthly payment will be withdrawn from that account automatically.
You can manage your Alberta student loan repayment online through the MyLoan website here
To register for MyLoan, you will need to create an account using:
• First and last name
• Date of birth
• Social Insurance Number
• Alberta Student Loan Number
Canada Student Loan Repayment
For more information on repaying your Canada student loan, sign on to: National Student Loans Service Centre
WHY IS IT IMPORTANT FOR ME TO MAKE MY PAYMENTS?
Student loans are like any other loan (car loan, mortgage, credit card, line of credit). All loans and payments are reported to the credit bureau which keeps track of on-time payments, late or missed payments. Making payments on time helps to build a good credit rating. A good credit rating will help you qualify for credit cards, car loans, cell phones, mortgages and can even affect your ability to rent an apartment.
WHAT IF I SKIP A PAYMENT?
• There are many consequences if you skip even one payment:
• Your credit rating is immediately affected. Many missed payments can create a negative credit score.
• Your loans can be sent to a collection agency which will affect your credit rating for up to 7 years. and will impact your ability to qualify for credit cards, car loans, mortgages etc.
• Any GST or income tax refunds may be automatically used to repay the defaulted loan.
WHAT IF I CAN’T AFFORD MY MONTHLY STUDENT LOAN PAYMENT?
If you can’t make your monthly payments, it is important to access the REPAYMENT ASSISTANCE PROGRAM. This will keep your loans in good standing even though you do not make a payment.
In the Repayment Assistance program, you have options!
CHANGE YOUR PAYMENT TERMS
You can adjust the terms of your loans with the Alberta Student Aid Service Centre
and the National Student Loans Service Centre (NSLSC) to make your payments work for you.
Change the payment schedule to match when you get paid
Increase your loan payment to pay your student loans off faster
Lower your monthly payments if you are having trouble making your payments
CHOOSE THE FREQUENCY OF YOUR PAYMENTS
Your payment frequency is set at monthly for your student loans. You may change your student loan payment schedule to coincide with when you get paid. Doing this may help you manage your budget as well. Making bi-weekly payments reduces how long you have to pay your loan and you pay less interest.
CHOOSE YOUR PAYMENT TERM
The payment term is the length of time (in months) you take to repay your loan. Your payment term is set by Alberta Student Aid Service Centre for your Alberta student loans and by NSLSC for your Canada student loans.
Changing the term on your loan affects the amount of your payments.
Decrease the term of your loan, and your payment amount increases
You pay your loan off faster and you pay less interest.Increase the term of your loan, and your payment amount decreases.
It takes longer to repay your loan and you pay more interest.
MAKE THE CHANGES
For your Alberta student loans
Go to the MyLoan website. Log in and choose Customize Payments Terms from the My Account menu.
Or, call the Alberta Student Aid Service Centre and speak with a customer service representative:
1 855 606-2096 | Option 3 (toll free in North America)
1 855 306-2240 TTY
International access code + 800 2-529-9242 (toll free outside North America)
Monday to Friday, 7:30 a.m. to 8:30 p.m. local time
For your Canada student loans
Go to NSLSC Online Services. Sign on and use the Customize Your Repayment tool to make your changes.
Or, call the National Student Loans Service Centre and speak with a customer service representative.
1-888-815-4514 (toll free within North America)