Applying for student loans is easier and faster than it seems.
April 14, 2022 By Sabrina
Figuring out how to fund your studies can be an intimidating process–forms and portals for Alberta loans and grants sometimes feel overwhelming, and it feels like there’s information all over the place. So, to make things a little bit easier, I spoke to a Student Financial Support expert within the U of A’s Office of the Registrar to bust some common myths and misconceptions about applying for provincial student loans.
[Editor’s note: These are specific to Alberta Student Loan borrowers only, and are accurate as of March 2022.]
If you are applying for a student loan through Alberta Student Aid, your income (or your parent’s income) will not impact your ability to receive loan funding. The gross income and other resources (say, spousal income or voluntary contributions from your family) are considered for grants, but won’t make or break your eligibility for loan funding.
A grant payment is a type of funding that does not need to be paid back and can be a helpful supplement. Alberta students can apply for grant funding only through the loan application. There’s a helpful video available here . The Government of Alberta also has resources online for what grant funding is available.
Many students apply for government student loans and grants to help them through the academic career. Paying for school and life at the same time adds up, so don’t be shy to ask questions.
While you may be able to find lower interest rates on a student line of credit from a bank (see government loan interest rates here ), it is important to remember that government student loans are interest free/payment free the entire time you are a full-time student. After you graduate or stop being a full-time student there will be a six-month grace period on your Alberta and Canada student loans. No interest will accrue during that time, and you will not need to make payments.
Most student lines of credit from banks have interest or fees that start accruing immediately or jump dramatically once you stop being a full-time student. Government student loans also offer grant funding and a Repayment Assistance Program. If you are thinking about applying for a line of credit, be sure to shop around and read the fine print.
The student loan application can feel a little daunting the first time you apply, and getting full access to the application (through your MyAlberta Digital ID) has a few steps but you’ll be surprised by how short the application is once they are logged in! While applications can take up to four weeks to be assessed, chances are you’ll receive a response much faster–sometimes immediately after submitting your application!
If you need extra help, fear not–this summer, you can sign up for virtual workshops with the Office of the Registrar this summer, where a specialist will be able to walk you through the process from start to finish. Workshop dates will be announced shortly, so keep an eye on your inbox and the U of A’s Student Loans website.
Sabrina is an after-degree student majoring in Media Studies in the Faculty of Arts, with a keen interest in fans and fandom studies. When she's not knee-deep in coursework or pop culture news, Sabrina is an avid writer and moviegoer. In her free time, Sabrina can be found in the kitchen trying out a new recipe, or enjoying an afternoon curled up with her dog watching K-dramas.
