Interest-Free Status + Repaying Your Loans

Repayment

When you graduate or stop being a full-time student, you will need to keep an eye on your student loans and when payment is required. It is very important to make your monthly minimum payments once your loans enter repayment. The timeline for repayment is different for your Canada and Alberta Student Loans.

• Canada student loans will be payment-free for six months after you stop being a full-time student. You will be required to make a payment the first day of the seventh month after you stop being a full-time student (i.e. if you graduate in April, your student loans will enter repayment in October). There is no interest on Canada Student Loans at any point, even when you begin repayment.
• Alberta Student Loans will be payment-free and interest-free for 12 months after you stop being a full-time student. You will be required to make a payment on the first day of the 13th month after you stop being a full-time student (i.e. if you graduate in April 2026, your student loans will enter repayment in May 2027). Your Alberta Student Loans will accrue interest once monthly payments are required. The current interest rate on Alberta Student Loans is the Canadian Prime Interest rate.

For details about other provinces/territories, contact your province/territory of residency.

If you have both Canada and Alberta student loans, you will need to make two payments: one to Alberta Student Aid and one to the National Student Loan Service Centre (NSLSC). Keep an eye on your student loan portals for important information in the months leading up to your repayment date.

If you are a full-time student, your loan will not enter repayment provided you inform Alberta/Canada Student Loans that you are a full-time student. You can let them know you are a full-time student by either receiving a new full-time loan or completing the online interest-free status application (you only need to complete one of these options, not both).

If desired, you can begin repayment before the repayment period begins.

It is very important to make your monthly minimum payment once your student loan enters repayment. If you are not able to make your monthly minimum payments you can visit the National Student Loan Service Centre website for more information about the Repayment Assistance Plan or scroll to the bottom of this page for more information.

Interest-Free Status

If you are continuing as a full-time student but do not need a full-time student loan for the upcoming academic year, you can keep your existing student loan(s) interest-free by confirming your enrollment at the beginning of every year of study. This will ensure you do not have to start repaying your loan(s) until you have finished your studies.

For students with Canada and Alberta student loans

1. Log in to your NSLSC account.
2. Under the My Account tab, select “My School.”
3. Under “If You Have Previous Loans Issued by a Jurisdiction Outside of Ontario,” click on “Confirm Your Enrollment”.
4. Follow the steps to confirm your enrollment.

For students with an Alberta Student Loan only, that are part-time, or registered in the Post-Graduate Medical Education (PGME) program

You must complete a Confirmation of Registration (Form B) to apply for interest-free status. You can download this form on the Alberta Student Aid Applications and Forms webpage.

Once you have filled out all of the student sections, you will need to get it signed by the Student Service Centre (if you’re an undergraduate student, including Open Studies and PGME) or the Graduate and Post Doctoral Studies (if you are a graduate student). The Student Service Centre or Graduate and Post Doctoral Studies will inform you when they have completed the Form B and provide further instructions.

It is very important that you visit your Alberta MyLoan portal approximately one week after you submit it to ensure it has been received and processed properly. If there are any mistakes or issues with the submission of the online form, it may mean your student loans will enter repayment even if you are a full-time student.

For students with a loan from another province or territory

You will need to contact your provincial lending authority to determine if you are eligible for interest-free status and how to apply for it.

Repayment Assistance Plan (RAP)

If you are having trouble paying back your loan, you can apply to enter the RAP. If you are deemed eligible, you may qualify for a reduced or $0 monthly payment.

For Alberta student loan borrowers, applying for the RAP through the NSLSC portal will apply to both your Canada and Alberta student loans, so you do not need to complete separate RAP applications.