STUDENT LOANS & GRANTS

REPAYMENT

Your student loans are just like any other loan—they must be paid back. There are serious consequences if you miss even one payment on your provincial or federal student loan. However, there are also government programs that can help if you are having trouble making payments.

Repayment process

Prepare early to repay your government student loans and protect your financial future.

Your lenders send you crucial information about your loans and your repayment status. Keep your contact information and banking information up-to-date. Check with your funding provider for details.

If you have Canada and Alberta loans, you need to let Student Aid Alberta and the National Student Loan Service Centre know of any changes including:

  • Name
  • Address
  • Phone number
  • Email address
  • Marital status
  • Banking information

Alberta Student Aid

MyLoan lets you manage your Alberta Student Aid loan online. You need your MADI (MyAlberta Digital ID) login and password to access the MyLoan site.

On the MyLoan site, you can:

  • Review your Alberta student loan information
  • Check loan balances, loan payments and transaction history
  • Update personal and other contact information
  • Access online loan counselling resources

Access MyLoan

National Student Loan Service Centre (NSLSC)

In addition to your provincial loan, you need to manage federal loans you receive. You need your NSLSC login and password to access your information.

On the NSLSC site, you can:

  • Check the status of your Canada student loans
  • Update personal and other contact information
  • Customize your repayment
  • Get repayment assistance or apply online for the Repayment Assistance Plan (RAP)
  • Find tools and resources to help you manage your student loan

National Student Loan Service Centre (NSLSC)

  • Canada & Alberta loans remain interest free for six months after you complete your studies.
  • Payment is not required during the six-month grace period.
  • Your first payment is due in the seventh month after you complete your studies.

The six-month grace period

The six-month interest-free period begins after you:

  • Reduce from full-time to part-time studies
  • Leave school or take time off school
  • Finish your final school term

You're not required to pay before your six-month grace period ends, but we encourage you to start paying as soon as you graduate. You can make payments even while you are still in school. Early payments help you pay back your student loan sooner.

Customize your payments

  • Choose a floating or fixed interest rate
  • Pick your monthly payment due date
  • Increase your payment amount
  • Make additional lump-sum payments at any time
  • Set-up automatic withdrawals from your bank

After the six-month grace period ends, you must make monthly payments on your loan(s). There are serious consequences if you miss even one payment. If you default on your student loans by missing three or more payments:

  • Your credit rating is negatively affected.
  • Your loans may be sent to a collection agency.
  • Any GST or income tax refunds you are eligible to receive are automatically used to repay your defaulted loans.
  • The provincial and/or federal governments may take legal action against you.
  • You lose your eligibility for further student loans until you bring your loans into good standing.

Student Aid Alberta has more detailed information about default consequences »

If you can’t make a payment or if you have already missed a payment, contact your lenders right away. There are repayment assistance options to help you keep your loans in good standing.

Contact a Financial Aid Advisor if you have questions about the repayment process.

NSLSC Overview of Student Loan Repayment
In this short video, the National Student Loan Service Centre (NSLSC) explains the non-repayment period and the process for repaying your government student loans.
Stack of books illustration Repayment video (26 mins)

Provincial/territorial funding agencies

Follow the guidelines supplied by your provincial/territorial funding agency for the entire loan cycle—application, funds disbursement, interest-free maintenance and repayment.

National Student Loans Service Centre (NSLSC)

In addition to your provincial loan, you need to manage any federal loans you receive. You need your NSLSC login and password.

On the NSLSC site, you can:

  • Check the status of your Canada student loans
  • Update personal and other contact information
  • Customize your repayment
  • Get repayment assistance or apply online for the Repayment Assistance Plan (RAP)

National Student Loans Service Centre (NSLSC)

Money matters
Find more information about a range of financial topics, including budgeting, bursaries, scholarships, student loans, tuition and fees.