Repaying Your Loans

Repayment

When you graduate or stop being a full-time student, your Canada and Alberta student loans will be payment-free and interest-free for six months. For details about other provinces, contact your province of residency.

The repayment period for your Canada and Alberta student loans will begin on 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). If desired, you can begin repayment before the repayment period begins.

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.

As long as you remain a full-time student, you will not enter repayment. Simply apply for a new full-time loan every semester you need one or complete the online interest-free status paperwork if you no longer need a loan.


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. Use the Repayment Assistance Estimator to see approximately how much you may be eligible for. 

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. 


Interest-Free Status

If you are continuing as a full-time student but will not be applying for new funding 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 Enrolment”. 
  4. Follow the steps to confirm your enrollment. 
It is very important that you visit your Alberta MyLoan and NSLSC portals approximately one week after you submit 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 an Alberta Student Loan only 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 Faculty of Graduate Studies and Research (if you’re a graduate student). For 2021-2022, Student Connect and FGSR will be able to submit the completed Form B’s on your behalf during COVID-19 closures. 

It is very important that you visit your Alberta MyLoan portal approximately one week after you submit 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.