The table below outlines how to apply for RAP based on your circumstances: Submit a single Repayment Assistance Plan application online through your NSLSC account. If you have difficulty making payments you can apply for the Repayment Assistance Plan (RAP). Enrolment is not Automatic. Six months after you leave school, you’ll start repaying your loans. Alberta Time (MST) 7:30 a.m. to 3 p.m. Closed Closed 7:30 a.m. to 5 p.m. Closed. • the outstanding balance of all Alberta student loans issued to learners was $3.2 billion, of which 49% is in repayment and the remainder owed by Albertans who are currently attending post-secondary. If you are residing outside of Canada Learn more about adjusting repayment details. This program reduces or eliminates your student loan payments. Institution must improve repayment rates by 3.0%. You may be eligible to receive a tax credit for interest paid on your student loans. Repayment Assistance Plan for Students with a Permanent Disability application, Student Aid Application Worksheet for Full-time, you’re currently repaying an Alberta and/or Canada student loan, Lasts for up to 60 months within the first 10 years after you leave school, Intended to help with temporary repayment difficulties, Available to borrowers who have been on RAP for over 60 months or have been repaying their loans for over 10 years, Intended to provide long-term relief with ongoing difficulties, Government pays your interest and your principal. Alberta Student Aid may de-designate any program and/or educational institution that is no longer accredited by the appropriate regulatory authority. As long as you remain a full-time student, you will not enter repayment. Repayment Assistance Plan Customize Payments Overview Customize your payment terms on your Alberta student loan and set payments that work for your current financial situation. Contact the NSLSC or the Alberta Student Aid Service Centre for more information. Many students have two loans that need to be managed separately. Select your reason for submitting a request and complete the online form. Saskatchewan Student Loan Forgiveness. Academic progress for student loans. You must create individual accounts through these websites and handle your repayments separately. The purpose of this manual is to explain Alberta’s process and criteria for designating programs, and Canada Student Loans of up to $210 per week of full-time study or 60% of the student's assessed need (the lesser of these) can be issued per loan year (August 1–July 31). Alberta Student Aid – MyLoan . He found a job at a drilling site north of Edmonton making $90,000 a year. Repayment Assistance Plan; Register Login Home. Confirmation of Enrolment. A floating interest rate follow the current prime rate. If you are eligible and approved, your monthly payments will either be reduced or you will not have to make any payments, depending on your financial situation (earnings, family size, and outstanding loan debt) for a 6 month period. Find information about Repaying your loan. You may need to submit further documentation related to the repayment of your Integrated Student Loans, Canada Student Loans, Canada Apprentice Loans or Provincial Student Loans, as applicable. If you make your monthly payments by cheque, be sure to include your Alberta Student Loan Number on the front of each cheque. STUDENT AID ALBERTA PROGRAM GUIDE 13/14 Updated May, 2013 To navigate this guide: • Right-click on this document to “Show Navigation Pane Buttons” • Click on the icon on the left to show bookmarks. : Schedule 2, s. 31(b) Special Consideration is available on Alberta Student Loans only. Over a period of 5 years, family doctors or residents in family medicine could receive up to $40,000 in loan forgiveness. To receive student aid for full-time studies, you must meet all of these basic eligibility criteria: be a Canadian citizen, permanent resident or have protected person status under Can ada’s Immigration and Refugee Protection Act. The program removes a borrower’s Alberta Student Loans … Repayment begins. Register to Create Your MyLoan Account Register. The formula is: Education and living costs - what you contribute = your financial need Full-time loans Apply for full-time loans through your online MyAlberta Digital ID through Alberta Student Aid. When you start paying back your loans, your interest is automatically set to a floating interest rate. • approximately 39% of Alberta student loan dollars in repayment were being repaid by learners who accessed Alberta’s Repayment Assistance Plan (RAP). Login to your Student Aid account. Alberta Student Loan Forgiveness. Your loan(s) must be in repayment status. Alberta Repayment Assistance Program (RAP) Similar to the Canada RAP program, the Alberta RAP helps graduates who are struggling to make their monthly payments. To compare the cost of choosing floating and fixed rates, use the Government of Canada’s loan repayment estimator. Access the online application or learn more about the program and eligibility requirements. Alberta Student Aid sets repayment rate targets; the institution must improve their current repayment rate by 3.0% by the third year. He has decided to pay back his loan as quickly as he can. Learn more about the consequences of defaulting on your loans. If you only have an Alberta loan, contact the Alberta Student Aid Service Centre to discuss your situation. If your Canada Student Loan is in repayment, you must continue to make your regular monthly payments. Login for secure and convenient access to your MyLoan account. Curtis, Petroleum Engineering Degree, $18,000 in loans Curtis just finished a degree in petroleum engineering. National Student Loans Service Centre (NSLSC) Online Services, declaring bankruptcy and defaulting on your loans, Student Aid Application Worksheet for Full-time, Your interest rate (the fee you pay to borrow money), Your repayment term (how many months it will take you to pay off your loans based on your repayment schedule), change your repayment schedule to match when you get paid, adjust the frequency of your repayments from monthly to bi-weekly or weekly, cause the government to take legal action against you, make you ineligible for future student loans. If repayment rate does not improve by 3.0%, the institution must meet with Alberta Student Aid to discuss. If you’re struggling to repay your student loans, the Repayment Assistance Plan may be an option. Interest rates on Canada loans depend on the prime rates set by the 5 biggest Canadian banks. Your monthly payment is automatically calculated. You can only make this change once. The Repayment Assistance Plan, available for both Alberta and Canada student loans makes sure your monthly payment is in sync with your income and family size. If you are working as a family doctor, resident in family medicine, nurse or nurse practitioner in an under-served rural or remote community, you may be eligible for assistance to repay all or part of your student loans. Most students leave school with an Alberta student loan and a Canada student loan. Having two loans means you need to handle two debts and two payment schedules. A monthly repayment schedule is set up for you automatically. If you still need help after 6 months, you must re-apply. Students with a study permit are not eligible. Having two loans means you need to handle two debts and two payment schedules. Student loans must be paid back. Budget 2019 – Important Announcements for Student Aid; How it works . Make cheques payable to Government of Alberta and send to: Alberta Student Aid Service Centre PO Box 4050, Mississauga Station A Mississauga ON L5A 4M9 You are still expected to repay your student loans. You must create individual accounts through these websites and handle your repayments … Your Alberta loan is managed through MyLoan and your Canada loan is managed through the National Student Loans Service Centre (NSLSC) Online Services. Depending on your situation, you may not need to make a payment at all for some months … One Repayment Assistance Plan for Borrowers with a Permanent Disability Application can be submitted to the National Student Loans Service Centre for RAP-PD consideration on both Canada and Alberta student loans. Alberta Student Aid and the Canada Student Loans Program calculate your eligibility using a financial need formula comparing your costs with your resources. Alberta Student Aid offers student loans, grants, scholarships, and awards for Albertans pursuing full-time or part-time post-secondary studies. It pays to think ahead – from planning to repayment, find everything you need to navigate the Alberta Student Aid program and services! Please call Alberta Student Aid Service Centre toll-free anywhere in North America for more information at 1-855-606-2096 and choose Option #1. Under special circumstances, you may qualify for additional support: You may qualify for an enhanced Repayment Assistance Plan (for Alberta loans only). However, you can make payments at any time to pay your loan off faster. If you qualify, a reduced monthly payment will be set for six months, based on your income. This includes risk-shared, guaranteed and direct loans. Canada student loan borrowers (and most other provinces) can use canlearn.ca or National Student Loans Service Centre. Keep an eye on your student loan portals for important information in the months leading up to your repayment date. However, you may request a court-ordered discharge once 7 years have passed since you left school (5 years in the case of extreme financial hardship). If you’re eligible, your monthly payments will be reduced to something more affordable based on your family size and income. If you have Canada loans, or Canada and Alberta loans, submit a Repayment Assistance Plan for Students with a Permanent Disability application through your NSLSC account. Choose “Request for Review” on the right-hand menu. The Student Aid sector within Alberta Advanced Education is responsible for the administration and delivery of student financial aid programs for Alberta residents enrolled in post -secondary education. If you have Canada loans, or Canada and Alberta loans, submit a Repayment Assistance Plan for Students with a Permanent Disability application through your NSLSC account. There is a 6-month non-repayment period, between the time you finish school, and before you must begin making payments on your Canada Student Loans. Missing payments on your student loans has consequences. Prime rates are numbers set by Canadian banks that are used to determine interest rates across the country. • on average, Alberta student loan borrowers … Login to Your MyLoan Account. The first 6 months after you leave school, beginning the first day of the month after your end date. Interest is added to your loan balance monthly. Contact the Alberta Student Aid Service Centre to discuss your situation. You don’t qualify for the Repayment Assistance Plan for your Canada loans. Borrowers may revise the terms of their Alberta Student Loan by signing into MyLoan on the Alberta Student Aid Service Centre website or by contacting the Alberta Student Aid Service Centre by phone. Budget 2019 – Important Announcements for Student Aid; Start repaying 6 months after leaving school. Contact . You can apply anytime during your repayment term. Alberta borrowers can manage the provincial portion of their loans at Student Aid Alberta. In extreme circumstances, a borrower with a permanent disability may be eligible for loan forgiveness. If you have trouble making payments, contact Student Aid to learn about applying for repayment assistance or adjusting your repayment details. This can: If you miss a payment on your loan, Student Aid will contact you by phone and email to help you get back on track. Reg. It pays to think ahead – from planning to repayment, find everything you need to navigate the Alberta Student Aid program and Alberta Student Aid offers student loans, grants, scholarships, and awards for Albertans pursuing full-time or part-time post-secondary studies. You have to reapply every six months. If you're a full-time student with previous Alberta or Canada student loans and you're not receiving student aid this year, your registration must be confirmed to keep your loans in interest-free status. Your Alberta loan is managed through MyLoan and your Canada loan is managed through the National Student Loans Service Centre (NSLSC) Online Services. Alberta Student Aid provides loan, grant, and scholarship funding to Alberta’s post-secondary students. You may be eligible for the Repayment Assistance Plan (RAP) if: To find out if you’re eligible, use the Government of Canada’s Repayment Assistance Estimator tool. Dial Toll Free in North America: 1-855-606-2096: TTY for the Hearing Impaired: 1-855-306-2240: Mailing Address. You must continue to make monthly payments. … For loans that have been returned, borrowers must contact Service Alberta… Note: You can apply for Canada Student Loan forgiveness for family doctors and nurses if you are enrolled in full-time or part-time studies, are currently repaying your student loan, or are in your 6-month non-repayment period. It pays to think ahead – from planning to repayment, find everything you need to navigate the Alberta Student Aid program and Vehicle Registration & Renewal Reminders Sign Up. It pays to think ahead! If the prime rate changes, your interest rate also changes. Change the frequency of payments by calling the, Change the frequency of payments by calling the NSLSC. Login. Interest rates on Alberta loans depend on the prime rate set by CIBC. There are two stages to the Repayment Assistance Plan: Learn more about how repayment assistance works. If you only have an Alberta loan, contact the Alberta Student Aid Service Centre to discuss your situation. Alberta Student Aid provides loan, grant, and scholarship funding to Alberta’s post-secondary students. Here’s what to expect after you leave school. You can still apply to Alberta by contacting the Alberta Student Aid Service Centre. National Student Loans Service Centre has released an updated repayment related video (with Covid reference) as of October 2020. Unsatisfactory Repayment Rates Alberta Student Aid may de-designate any educational institution for student aid when targets for student loan repayment rates are not achieved by the end of an established three year evaluation period.