Alberta Student Loans

If you want to pursue post-secondary education, you might feel hard-pressed to have enough financial resources to make this dream a reality. And the reservations are valid too, for college education is by no means inexpensive. But if you are residing in Alberta or are looking to pursue your next degree in the province, you are in luck.

The government of Alberta has laid out a series of student aid programs which includes loans, grants and scholarships to help aspirants realize their educational goals. Alberta Student Loans program, in particular, is quite popular, as the government helps out students to pay a good part of the tuition fees. Here, you can get a comprehensive understanding of how this program works, and whether you qualify for it or not. It must also be noted that Alberta Student Loans work in tandem with Canada Student Loans, so you might be eligible to receive both.

Eligibility Criteria:

These are the basic requirements you must meet if you want to receive student loans.

• You must be a citizen of Canada as well as a resident of Alberta. If you are a working professional, then you must have resided in the state for at least a year prior to pursuing your degree. If you are a dependent student, then your parents/guardians must reside in the state to be eligible for this program.

• You should have enrolled in a full-time program where you are taking up at least 60 percent of academic course load. In case you have a disability, then you must take up at least 40 percent of total course load.

• You must ensure that you don’t have more than two study breaks or gaps during this tenure. Otherwise, you will not be eligible for the loan for another twelve months. Students pursuing part-time courses are exempted from this rule.

• To be considered eligible, you need to also match the program’s financial need criteria. This is calculated by subtracting your financial resources, that is the money you can provide, from the actual tuition and living costs. The remaining amount will be considered as financial need.

• The college or university you will be attending as well as the course you will pursue should be deemed eligible for student aid.

• To learn more about eligibility for special circumstances, check out Alberta Student Grants for Full-Time Students.

How to Apply:

The application process itself can be divided into three segments: gathering information, creating a Student Aid Account, and filling out and submitting the application. Let’s dive into each segment in detail.

First off, you need to gather some basic information such as your residential address, phone number, email address, gender and date of birth. Once that is taken care of, procure your Social Insurance Number and Alberta Student Number. You would also need to provide emergency contact information. Next up, list out your total income of the year prior, if you are not dependent on your family, or the income of your parent/guardian if you are dependent. Since financial need is such an important segment of this program, it is vital to also list out all the financial help you will receive via your parents/guardians, scholarships, awards and other loans you might take. Finally, get the details of your post-secondary program itself, such as its duration, start and end dates, and your student ID number if you already have it. Students with permanent disabilities will also need to provide proof in the form of a medical document or a learning disability assessment. They must also provide a rough estimate of any extra equipment or assistance they may require.

To create a Student-Aid account, full-time students will need to create an account online, whereas part-time students can do it via mail. In order to create an account, you will need to verify your identity either through MyAlberta Digital ID or Secure Identity and Access Management System (SIAMS). For the former, you must either provide your driver’s license or your identification card. For the latter, you can either provide two official marks listed in your Alberta High School Diploma, give your Alberta or Canada Cashed Loan Certificate Number, or list out your Alberta Student Aid Agreement Number. Canada Master Student Financial Assistance Agreement Number is also acceptable.

Now the final part of the application process can begin. For full-time students, fill out your information once you are verified and submit your online application via your Student Aid account. For part-time students, the application process is instructed in the form itself.

How Much Can I Get:

Now that you understand how to apply, you must be eager to know the amount you can receive through Alberta Student Loan. 

Repayment Process:

While you are studying, you need not repay any loans. The loan repayment begins automatically after six months of completing your course.To handle your loan repayments for  Alberta Student Loans and Canada Student Loans, you need to create an account in MyLoan and National Student Loans Service Centre (NSLSC) respectively. The repayment is calculated on a monthly basis depending on the loan amount, the interest rate and the time it will take to settle the amount. For example, the repayment term for Alberta Student Loan upto $3,000 is three years, whereas for loans over $3,000, it is eight years.

Please remember that defaulting on your loans has serious consequences such as lowering of your credit score, disqualification from applying for loans in the future, and as an extreme measure, legal action can be taken against you by the government. That being said, you can opt for repayment assistance if you’re struggling to repay the loans. Moreover, if you have permanent disabilities or you declare bankruptcy, then you will get further assistance via the Repayment Assistance Plan.

Other Student Aid Options:

In case the Alberta Student Loans plan is not for you, you can still opt for a plethora of other options such as Federal Student Grant, Federal Student Loan, Federal Student Scholarships, and Federal Student Bursaries.