The government of Canada has several student grants and loans in place to provide financial assistance for full time higher studies (post secondary). One of the most opted one’s is the Alberta Student Aid. To avail this student loan, the students need to fill an application form. One important thing to know about this loan is that it is based on a time period, which starts from 1 Aug to 31 July. Those, whose course starts before 1 Aug, need to fill the form of the prior year. Those whose course starts on or after 1 Aug can fill the current year’s application. Also, one application is valid for one year. If the course duration is more than one year, the student needs to fill two applications for each year. 

Application process

To apply for this education loan, the students need to fill the application on the official website, studentaid.alberta.ca. They need to verify their identity to login to their account. The account will help them to upload necessary documents, make changes in application if required, add contact information and review the funding process.

The students are required to submit all necessary information and documents 30 days before the starting of their course. Make sure all the declaration and consent forms are submitted within the deadline.

Application details

• When filling the application, the student must provide correct birth date. There is no age bar when applying for this student loan.
• Another important requirement is the ASN number (Alberta Student Number). This unique ID is used through your studies from KG to post secondary.
• Make sure to provide your legal name on the application form to receive the Alberta Student Aid funding. It must be same as with Service Canada and can be verified with social insurance number.
• Once the application is approved the student receives the Student Award Letter. It has all the details about the loan provided and its disbursement schedule.

Disbursements

The Loan amount will be disbursed in the following cases:

• The loan application of the student has been approved.
• The loan agreement is submitted successfully.
• The institute in which the student has enrolled has confirmed the registration of study period (full time).
• The schedule for disbursement has been received by the student.

Most commonly the requested tuition fee is directly submitted to the educational institute. The remaining loan amount is deposited in the bank account o the student. Thus, it is essential to provide the correct bank details when filling the application form.

If the details are missing, a cheque is issues in the name of the student. It can be cashed within 180 days from the date of issue.

These student loans have made it easy for students in Canada to continue with their higher studies. If you are facing trouble in qualifying for an educational loan, feel free to get in touch with Money Magnet Loans. We have a team of experts who will help you finding a loan customized as per our needs.

Eliminating interest on student loan in Canada permanently

Once a loan is taken, it needs to paid back in a certain time period. Same is the case with student loan is Canada. However, when the pandemic hit, it was the youth who lost their jobs and it was difficult for them to pay back the loan. To ease the process and help the students, the government decided to completely eliminate the interest on Canada student loan and apprentice loan. This decision was made effective on 1 April 2023.

For doctors and nurses, the maximum forgiveness on loan amount was brought to 50%. This was brought into effect in November 2023. So, for nurses it goes up to $30,000 and for doctors, it goes up to $60,000.

Canada student loan and grant supports

The government of Canada has brought in several provisions to help the students with the loans and grants. Some of them are:

• Student grants have been increased by 40% (maximum amount) as compared to pre-pandemic levels.
• The borrowers can now receive an increased loan amount per week. This will range from $210- $300.

The RAP, Repayment Assistance Plan have been updated by the governments of Manitoba, Canada, Saskatchewan, New Brunswick, etc. They have updated the eligibility with new zero payment income thresholds. Also, they have lowered the maximum payment to 10% of household income which was earlier 20%. These updates were made effective in November 2022. 

These are some effective measures that will surely help the students to get loans with ease and also provide them support in paying them back. The new updates in loan repayment and assistance plan have motivated more youngsters to pursue higher education.