Financial Aid

Frequently Asked Questions - Full-Time Student Loans

Q1. Who is eligible for full-time Student Loan funding?
Students who are Alberta residents, enrolled in full-time studies at a post-secondary institute, and who maintain passing grades in at least 60% of a full course load. Students must also show financial need and pass a credit check.

Q2. When and where should I submit my Student Loan application?
Applications become available in June for Fall studies online at Alberta Students Finance in June. Applications can also be picked up at the NAIT Financial Aid Office or any Alberta Service Centre and/or Canada-Alberta Service Centre in June.

Mail applications to:

Students Finance Board
PO Box 28000, Station Main
Edmonton, Alberta T5J 4R4

Q3. Who is considered an Alberta resident?
If you are an independent student, you are considered to be a resident of Alberta if:

• Alberta is the last province you have lived in for 12 consecutive months while not a full-time post-secondary student. 
• You are attending a school in Alberta and have never lived in any Canadian province for 12 months in a row.  In this case, attach a letter to your application to explain your residency situation.

If you are a dependent student, you are considered to be a resident of Alberta if:

• Your parent(s) live in Alberta.

Q4. How do I determine whether I could apply for a Student Loan as a dependent student or an independent student?
If you completed high school four years ago, or you were working full-time for two or more years since you completed high school, you are considered an independent student.

Q5. If I am not sure about the start and end dates of my program of studies, what do I do? Is it important to submit the correct dates?
Refer to the NAIT Program Cost Estimates (63K pdf), or contact the Financial Aid Office. It is very important that you submit the correct start and end dates of the program. You must also enroll as a full-time student during the period indicated on the application.

Q6. How much money I am expected to contribute?
The amount a student is expected to contribute depends on the number of months he or she is available to work during the pre-study period.

• 4 months between study period - expected contribution is $1350.00 
• 3 months between study period - expected contribution is $1080.00 
• 2 months between study period - expected contribution is $720.00

This minimum expected contribution could be met through a combination of savings and part-time earnings during the study period. If both you and your spouse are attending full-time studies, it is still expected that each of you meet the minimum savings requirement.

Q7. How much will my living allowance be on Student Loan funding?
The allowable budget is $432 per month for a single student living at home. The monthly budget for living away from home is $941 per month. For a more detailed breakdown of allowable monthly costs please refer to the Alberta Students Finance website.

Q8. I submitted one application for assistance to the Students Finance Board and received two loans. Do I pay my loan back to the SFB?
Although you applied for assistance on one application form, your federal (NSLSC), and provincial (EDULINX) loans are considered to be two separate loans. You will be required to repay them separately to the federal and provincial governments.

Q9. Last year I applied and received a Canada loan and an Alberta loan, and am applying for another loan in my second year. What do I do to maintain interest-free status on my prior student loans?
If you are receiving a Canada student loan for the upcoming academic year, when you cash your federal loan certificate (certificate of eligibility, "Schedule 1"), the federal government and the National Student Loan Service Centre will reinstate your interest-free period until the academic year end date.

Q10. I am returning to school to pursue further education, and I have a previous student loan with CIBC and Royal Bank which I am making payments for. I know that I am not required to make payments on my previous loan when I return to full-time studies. What do I do to stop making payments on my previous loans?
When you return to full-time studies, please make sure you submit a completed "Schedule 2" for federal loans, and a completed "Form B" for Alberta loans to your previous lenders. Once the documents have been processed for the period indicated on the forms, your loan will revert to interest-free status.

You must provide the above mentioned forms in every academic year until you complete your program.

Q11. My Student Loan application was approved, and I received a package in the mail from Alberta Learning. Could you explain the package contents, and what I do with each document?
The package contains your Notice of Assessment (which explains your award and dates which you are expected to receive them), the Canada student loan "Certificate of Eligibility," steps to process the Canada student loan, a list of designated post offices that accept student loan documents, and the declaration form, if you have applied for funding using an electronic application.

To begin, you must read all of the documents you received. If school has already confirmed your enrollment via electronic process, you will receive a confirmed certificate. Or else, you will receive an unconfirmed loan certificate which you will have to bring to the Financial Aid Office for confirmation of enrollment. For convenience, NAIT has made arrangements to have NSLSC and EDULINX representatives available on campus in the fall to accept and verify the information on your loan document.

If you have received the declaration form, you must follow the instructions, sign the document, and mail a copy to the Students Finance Board (address is included on the Notice of Assessment).

Q12. What documents do EDULINX/NSLSC representatives need to verify the information on my student loan documents?
You will be required to provide two forms of ID (picture & SIN card), and a void cheque to deposit any money that remains after paying tuition fees.

Q13. If I do not have a SIN card, what else do they accept as verification of identification?
Any federal or provincial document with a Social Insurance Number on it, such as a Revenue Canada Notice of Assessment, a letter from Canada Place indicating that you have applied for a Social Insurance number or a Canadian passport can also be presented.

The "Notice of Assessment" of your award will not be accepted as a verification document.

Q14. When can I expect to receive the money?
If you provide a void cheque you will receive your money five business days after the disbursement date (the disbursement date is the same as the first day of classes). If EDULINX/NSLSC receives your documents after the first day of classes, you will receive loan funding five business days after they have received your student loan documents. If you do not provide a void cheque for direct deposit, a cheque will be mailed within two business days.

Q15. If I have not paid my tuition, how do I use my Student Loan for payment?
When your school officially confirms your full-time attendance on the loan, any unpaid tuition can be remitted from the loan.

Q16. I have not received my Student Loan Certificate or have lost it. What do I do?
If you have not received your loan certificate by the disbursement date on your Notice of Assessment, or if you have lost your loan certificate after you receive it, please contact the Financial Aid office, or call the Student Funding Contact Centre at 780.427.3722.

Q17. Is Student Loan funding taxable?
Student loans are not taxable. If you received grant assistance of more than $500 during the last income tax year, an income tax information slip will be mailed out to you in the new year.

Q18. My mailing address has changed. What do I need to do?
As a Student Loan recipient, you are responsible for advising both the provincial and federal student loan programs of any changes in your name and address, as follows:

• As an Alberta student loan recipient, you are responsible for keeping Students Finance, EDULINX and/or the lending institution holding your previous Alberta student loan up-to-date on any changes in your name and address.  
• As a Canada student loan recipient, you are responsible for keeping Students Finance and the National Student Loan Service Centre up-to-date on any changes in your name and address.

Q19. I have received funding to attend another school, and since then, I have been accepted into NAIT - can I keep the Student Loan funding I have?
If you are receiving post-secondary loan or grant assistance, and change schools, you must reapply for funding. If you have already received a loan or grant funding, and have not negotiated it, the documents must be returned to Students Finance for cancellation along with your new financial assistance application form.

Q20. Am I required to pay a full year’s tuition on or before the tuition deadline?
You are given an option of paying one semester at a time, however NAIT will apply a service fee of $100. NAIT can only remit the fees per semester from your Student Loan, so keep in mind if you do not want to pay the $100 fee, you will have to pay the full years tuition in the Fall.

Q21. I will be using my Student Loan to pay tuition and fees. However, the Student Loan money will not be released to me until the first day of classes. Being that tuition deadline is in August, how am I to comply with the tuition deadline?
If you are receiving an Alberta Student Loan and your application is approved before the tuition deadline, NAIT will request tuition and fees for the Fall term automatically.  This is why it is very important to apply early for your funding to ensure that your application gets processed in time for the tuition deadline.

If you are receiving funding from another province, please provide a “Notice of Assessment” or approval of your loan/grant to the NAIT Financial Aid Office to flag your account before the tuition deadline.

Q22. I have already paid my tuition fees for the Fall term, subsequently, I received a loan certificate, and it indicates that portion of my loan money is going to school as tuition payment. How do I avoid any money going to NAIT?
Please bring the loan certificate to the Financial Aid office. Staff will change the amount coming to NAIT as zero. You MUST do this before you take the certificate of eligibility to a postal outlet. Otherwise NAIT will be paid twice.

If you have any further questions or concerns which have not been addressed here, please visit the Alberta Students Finance website. You can also contact the Financial Aid Office at 780.471.6248 during regular office hours (Monday - Friday, 8:00 am to 4:30 pm).