The cost of post-secondary education is often too much for many young Canadians to handle financially. Currently, the average student loan debt in Canada is $28,000 for a university bachelor’s degree and $15,300 for a college education.
Fortunately for students in Alberta, financial assistance is available through Alberta Student Aid loans, scholarships, and grants. Let’s take a closer look at student aid in Alberta, how to qualify, and how much you can expect to get to help cover the cost of post-secondary schooling in Alberta.
Key Points
- You can use funds from Alberta Student Aid to help cover expenses related to post-secondary tuition, fees, books, and living costs.
- You may be eligible for both Alberta Student Aid and Canada Student Loans (CSL) to cover your post-secondary studies.
- You won’t have to pay interest or make loan repayments while in school.
What Is Student Aid In Alberta?
Student Aid provides loans, grants, and scholarships to post-secondary students in Alberta. Funding is provided by both the provincial government of Alberta and the federal government (through the Canada Student Loans Program (CSLP)).
Students are only required to apply once to be considered for either one. Alberta Student Aid calculates the funding amount that applicants can get approved for from each source based on the information provided on the application.
Student Aid Alberta Features
Financial assistance through Alberta Student Aid comes in three forms: loans, grants, and scholarships. The availability of these programs depends on whether you’re studying full-time or part-time.
Scholarships
The government of Alberta offers scholarships and awards to post-secondary students studying full-time. Scholarships vary in type, including the following:
- Academic
- Athletic
- Citizenship/Leadership
- Indigenous
- Language
- Technology
Loans
The funds borrowed from a student loan can be used to cover tuition, books, fees, and living expenses.
Student loans are available from the Alberta Student Aid program or the CSLP. Only one application is required, but there will be two separate debts to pay back.
For Alberta student loans, payments start 12 months after students leave school, and interest will begin to accrue once payments start. For Canada student loans, payments start six months after students leave school. No interest applies once repayment begins unless interest is owing before April 1, 2023.
Who Is Eligible For The Program?
Students who are studying on a part-time basis only qualify for Canada student loans and are not eligible for Alberta student loans.
Full-time students, on the other hand, may receive student loans from both Alberta and Canada. Only one application needs to be submitted.
How Much Can I Get?
There is a maximum that you can borrow as a student. Most students in a Bachelor Degree program can get up to $8,500 per semester in both Alberta and Canada student loans combined, depending on the program of study. That said, some courses of study allow loan limits of up to $12,750 per semester:
Can I Request More Than My Annual Limit?
You may be allowed to request up to $8,500 more than your annual loan limit in certain situations, such as the following:
- You incur costs outside of your control, like a natural disaster
- You’re in your final year of a degree program and need more money to complete it
- You haven’t exceeded your lifetime loan limit and are enrolled in certain programs
Grants
Grants are available to both part-time and full-time students with special circumstances, such as:
- Students from lower income households
- Students with persistent, prolonged, or permanent disabilities
The following chart outlines all the grants full and part-time students may be considered for:
| Grant | Maximum AmountFull-time Students | Maximum AmountPart-time Students |
| Alberta Grant for Students with Disabilities | Up to $3,000/year | Up to $3,000/year |
| Alberta Student Grant | Up to $425/month | Up to $600/semester |
| Canada Student Grant | Up to $525/month | Up to $2,520/year |
| Canada Student Grant for Full‐Time Students with Dependants | $280/month | Up to $2,688/year |
| Canada Student Grant for Services and Equipment – Students with Disabilities | Up to $20,000/year | Up to $20,000/year |
| Canada Student Grant for Students with Disabilities | $2,800/year | $2,800/year |
Eligibility Requirements For Student Aid
To qualify for Student Aid in Alberta, you must meet specific eligibility criteria:
- Be a Canadian citizen or permanent resident, or have a protected person status
- Be a resident of Alberta
- Be in financial need
- Maintain academic progress
- Be enrolled in a post-secondary program approved by Student Aid
If you wish to take advantage of the full-time student financial aid, you must be considered a full-time student, which is characterized by the following:
- Be enrolled in at least 60% of what your school defines as a full-time course load
- Be enrolled in at least 40% of a full-time course load if you have a disability
- Be enrolled in a program at a licensed private career college that is at least 12 weeks long with at least 20 instruction hours per week
How To Apply
Once you’ve verified your eligibility for student aid in Alberta, follow these steps to apply:
Step 1: Get A Verified Account
All students must verify their account through Alberta.ca Account to access the Student Aid system, which can take up to 10 days. First, you’ll be asked to provide a valid Alberta driver’s license or other identification card. You’ll then be mailed an activation code, which you’ll need to enter on your Alberta.ca Account to complete the verification process.
Step 2: Determine Whether You’re A Full- Or Part-Time Student
Student aid amounts are calculated differently for full-time versus part-time students. Further, the application process for student aid in Alberta also differs. Find out how your school classifies these two categories, and determine which one you fit under before applying for student aid.
Step 3: Gather The Necessary Information And Documents
Have the following information readily accessible when you apply for student aid in Alberta:
- Name, gender, and birthdate
- Contact information
- Social Insurance Number
- Alberta Student Number
- Total income amount from the previous year
- Emergency contact information
- Information about your program (ie. start and end dates, length, etc)
- Financial information (ie. how much money you’ll receive from family or other sources, and expected reduced annual income while studying)
Step 4: Create Your Student Aid Account
Full-time students must create a Student Aid account when applying online. This is optional for part-time students. To create an account, first set up a basic account, then verify your account through Alberta.ca Account.
Step 5: Complete And Submit Your Application
Only one application is required for loans and grants from both the provincial and federal governments. Whether you qualify only for one or both, just one application is needed. The majority of students receive money from both levels of government, which means getting two smaller loans rather than one big one.
By applying early, you can find out what you qualify for and how much you are eligible to receive. Ideally, you should apply at least two months before classes begin to give you enough time to arrange your finances.
Step 6: Wait For A Response
Student Aid will process your application once it is received. You should hear back within a few days, though it can take over a month in some cases to get a response.
If your application is successful, your response will indicate how much money you’ll receive. If there’s information missing from your application, you’ll be asked to provide it before the application review continues. Otherwise, your application may be rejected.
Step 7: Complete Your Loan Agreement
Before you receive your funds, your loan agreement must be completed at least two weeks before your study period end date. Your school must also confirm that you’re registered in the program as stipulated on your application.
Step 8: Receive Your Funds
You can get your money as early as the week before classes begin. Student Aid will pay your school directly and deposit any remaining funds into your bank account.
Live in Alberta with a disability? Check out the AADL program.
Repayment Rules
Unlike grants, which do not need to be paid back, student loans must be repaid. If you have both provincial and federal student loans, then you’ll have two separate loans and payment schedules that you need to manage. Alberta student loans are managed through MyLoan, and Canada student loans are managed through the National Student Loans Service Centre (NSLSC) Online Services.
Alberta Student Loans
While you’re still in school, you won’t have to make payments and there is no interest charged on your loan. After you leave school, you’ll have a 12-month grace period in which no interest is charged and no repayments are required. But after this grace period ends, repayment begins and interest starts to accrue.
Canada Student Loans
No payments are required and no interest is charged on your loan while you’re still in school. Once you finish school, you’ll enter a 6-month non-repayment period which requires no interest or repayments. The repayment period starts six months after you leave school, though you still won’t have to pay interest.
No matter what type of student loan you have, a monthly repayment schedule will automatically be set up for you once your repayment period begins.
Are you a parent to a child with a disability in Alberta?
What Happens If You Can’t Afford To Repay?
If you’re having trouble coming up with the money to pay back your student loan, there are other options available.
Repayment Assistance Plan
The Repayment Assistance Plan is available if you meet the following eligibility criteria:
- You’re currently paying back a provincial or federal student loan
- Your student loans are in good standing
- You’re having trouble covering loan payments
This program will help to reduce your monthly payments to a more affordable level based on your income.
Personal Loan
To avoid late payments, you can use the funds from a personal loan to help you meet your student loan repayment requirements.
The funds from a personal loan can be used to consolidate all your debt including your Alberta Student Aid loan. If you have multiple loans and credit products, you can pay them all off with your personal loan lump sum. You’ll then be left with only one payment to manage.
Not only will this simplify your finances, but it can also save you money, especially if you use your personal loan to pay off high-interest debt, like credit card debt. You can also choose an extended loan repayment term with your personal loan to make your payments easier to manage. A longer loan term can also help keep monthly payments low, though you’ll be paying more in interest over the loan term.
Find out what your credit score is before applying for a personal loan. You can get your credit score for free by using Loans Canada’s CompareHub tool.
What Happens If You Miss A Payment On Your Alberta Student Loan?
If you miss a payment on your Alberta student loan, Student Aid will contact you to help you. However, there are possible consequences for missing loan payments:
- Your credit score may be negatively impacted
- Your loan could be considered in default
- Your loan could be sold to collections
- The government could take you to court
- It can disqualify you for student loans in the future
Alternative Student Funding
There are some unique products and programs available that can help provide you with a little extra money to pay for your education, including the following:
Windmill Microlending
Windmill Microlending is a registered charity that helps skilled immigrants and refugees achieve career success in Canada. The organization offers microloans for up to $15,000 to qualified applicants to cover the cost of accreditation, career development, education, and training in Canada. Loans are charged an affordable rate of 6.7%.
Scholarship With Loans Canada
Loans Canada has teamed up with KOHO to reward two students with a scholarship of $750 twice a year. To apply for this scholarship, simply show Loans Canada and KOHO how financial literacy has improved your life and what actions you’ve taken, such as saving money, creating a budget, investing, paying down your debt, or starting a side gig to earn extra cash.
Final Thoughts
If you don’t have tens of thousands of dollars in your account to pay for post-secondary education, there are options available. Student Aid Alberta offers loans, grants, and scholarships to eligible students to help cover the increasing tuition costs. Similarly, you can opt for a personal loan for additional funding.
