Financial Aid

Financial benefits of a student loan

Government student loans are specifically designed for students, and possess the following unique features:

• These loans are interest free as long as you maintain your full- time enrollment.
• Once you go into repayments, interest on your student loans are tax deductible.
• Several provinces have "loan forgiven" programs, if your total debt load exceeds pre-set maximum debt levels.
• In Alberta, you may be eligible for the Student Loan Relief Program, which is designed to ensure full-time post secondary students complete their studies with a manageable debt level.

Student loan overview

In Alberta, there are two sources of student loans - Canada Student Loans (CanLearn), sponsored by the federal government, and Alberta Student Loans (ALIS), sponsored by the provincial government. If you are eligible, you may receive both loans by submitting one application. The government of Canada provides about 60% of all student loans, and gives Canada Study Grants (CSG) to high-need students. The Government of Alberta provides about 40% of all student loans, and offers extra grants and bursaries for students with high financial need.

To be considered for full-time funding, students must be enrolled in at least 60% of a full course load. Assistance is awarded based on financial need, and it is intended to be supplemental to student and family resources. The cost of post-secondary education is a shared responsibility among students, parents, and government.

Students with permanent disabilities

Students with a permanent disability may study at a 40% or greater course load, and be qualified for full-time post secondary financial assistance. They must have Schedule 4, Question 175 of the student funding application completed by the Financial Aid office.