Alberta Student Loan is a source of loans, grants, and scholarships for students seeking postsecondary education in Alberta. Students enrolling in programs at recognized private institutes may be eligible for provincial and federal student aid to help with living expenses, books, tuition, and fees.
Students enrolled in non-licensed programs at private institutes are not eligible for student aid. Let’s read Alberta Student Loans in more detail and streamline the loan application process for international students. Here i will update you How to Apply for Alberta Student Loan and How Long it takes to get a Alberta Student Loan?
- Both full-time and part-time students in Alberta who require assistance paying for their education and living expenses can apply for student loans.
- Full-time qualifying students may receive up to CAD 8,500 in combined Alberta and Canadian student loans per semester.
- The most that part-time students are able to borrow in student loan is is CAD 10,000
Alberta Student Loan
In order to assist post-secondary students in covering the growing costs of tuition, interest rates, and living expenses, the Alberta government offers Alberta student aid. Students can use their combined student loans from Alberta and Canada, up to CAD 8,500 per semester, to cover their living expenses, books, and tuition.
Continue reading to learn more about the Alberta student loan interest rate, eligibility for student loans, and the maximum amount you can receive. Additionally, the interest-free grace period for student loans in Alberta was raised from six months to twelve months (for students who graduated on or after December 1, 2022).
|Loan Name||Alberta Student Loan|
|Beneficiary||Eligible students of province|
Full-time Student Loan in Alberta
Students enrolled in certificate, diploma, undergraduate, and graduate programs at qualified post-secondary educational institutions are eligible for full-time loans. Canada and Alberta both offer full-time loans to eligible students. Eligibility for a loan is based on a number of criteria, including resources and need. Student loan payments for Alberta start 12 months after you graduate.
Interest will start to accumulate as soon as payments is made. Payments for student loans in Canada will begin six months after you graduate. Unless the interest is due before April 1, 2023, there is no interest when repayment starts. The loan year for Alberta Student Aid is from August 1 to July 31.
Part-Time Student Loan in Alberta
If you qualify for a part-time loan, the amount you get will depend on your academic standing and financial circumstances. You will receive up to CAD 10,000 in total. If you make a payment, you may be eligible for another part-time Canada loan up to the CAD 10,000 maximum.
Eligibility for Alberta Student Loan
In order to be eligible for financial aid through Alberta Student Loans, students must either:
- As defined by the Citizenship Act, a citizen of Canada
- A permanent resident as per Immigration and Refugee Protection Act;
- Based on the definition of a protected person as per the Immigration and Refugee Protection Act (Canada).
How to Apply for Alberta Student Loan
- Alberta Student Loan applications open in the middle of June for August start dates of classes.
- Students who are considered residents of Alberta are eligible to apply for full-time and part-time funding through Alberta Student Loan. Using a single online application, you are considered for all grants and loans provided by both the federal and provincial governments. Applications for the upcoming school year are available in June, and it takes four to six weeks to complete them.
- The Alberta Student Loan Programme compares your expenses and resources using a financial need model to determine your eligibility.
Alberta Student Loans Interest Rate
Interest-free student loans are available in Alberta while you’re still enrolled in classes. Only when you graduate from college do you begin making interest-only loan repayments. Your Alberta student loan interest rate is automatically changed to a variable rate that tracks the prime rate when you start repaying your debt. Use your Alberta Student Loan login details to access your MyLoan account and monitor your interest rates. Go into your NSLSC account to access your student loan for Canada.
Alberta Student Loans 2023-24 Latest Update
For students of Albertan who are struggling financially, the province has changed the terms of their student loan repayment. Students who are currently repaying their loans have been notified via email by Alberta Student Aid of many changes, one of which is a change in interest rates. As on July 1, 2023, the interest rate on student loans in Alberta, both fixed and variable, will be equal to the prime rate.
The CIBC prime rate + 1% was the variable rate and the CIBC prime rate plus 2% was the fixed rate prior to Canada Day. The Repayment Assistance Plan also underwent modifications, with the Alberta government raising the program’s income eligibility requirements from CAD 25,000 to CAD 40,000.