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Applying for Alberta Student Loans? – 10 Things to know!!

With the aid of Alberta Student Loan, students who need financial assistance to pursue post secondary education can easily apply for student loans online and reap significant benefits.

It offers loans, scholarships, and bursaries for Alberta high school graduates. Get all the information you need to navigate the Alberta Student Aid program and services, from planning to payment.

Students can submit a single student loan application and qualify for various federal, provincial, and grant funding.

Here is all the information you need about Alberta Student Loans if you’re one of the people looking for assistance with your academic endeavour.

1. International Studies for Alberta Student Loans

Student Loans 101 Presentation

 

You must have found this information when you researched Alberta student aid. If you study outside Canada, financial aid will not be permitted to deposit your funds into a foreign bank account.

You must identify as Canadian citizens and have a Canadian bank in your name alone or jointly with a parent or guardian.

However, there is a way. You can still get student aid benefits by submitting a Power of Attorney form to the Alberta Board. 

When you delegate power of attorney, you authorize another person to represent you in matters relating to student assistance.

To learn more about Alberta Student Loans, please visit Student Aid Alberta.

One thing to keep in mind is that you will not be able to access your money until your tuition payment deadline starts. Student Aid will not release your tuition and textbooks until your school confirms your enrollment and you start classes.

Therefore, you must manage communication between the two institutions (Alberta and your chosen school) before receiving assistance.

2. Who can Qualify? Full-time or Short Time course 

Alberta Students
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To qualify for full-time student aid, you must:

  1. You are taking at least 60% of the courses that your institution deems to be a full-time load.
  2. You must have a disability and take at least 40% of a full-time course load.
  3. You are enrolled in a 12-week or longer program at a private career institution with a license that requires 20 or more hours of instruction or practicum per week.

Alternatively, you are part-time if you enroll in only one to two courses per semester in a standard undergraduate program.

Word of Caution: If your course load drops below what is required for full-time status study, the authorities might change your status to a part-time student. 

This will affect your eligibility, and Student Aid will reassess your account. Therefore, it stands to reason that you might have to repay the entire repayment grant funding loan money.

If you are still unsure, contact your school’s advisor to determine how many courses you need to take to be a full-time student.

3. Collect information for your request

Get this information ready when you sit down to apply.

  • Personal information: address, phone number, email, date of birth, gender.
  • The Social Insurance Number
  • Alberta Student No.
  • Amount of family income from the previous year
  • Emergency contact information
  • Academic information: program duration, start and end dates, your student ID number (if known)
  • The amount of money you will receive from your parents or other sources, the number of prizes you will win, and your annual income while in school are all examples of financial information. 
  • Give the name of your parents or guardians if you have any dependent students.

Luckily, they provide a Student Loan Worksheet Full-Time to help you gather the data you need to submit your application if you are a full-time student. Alternatively, you can contact the registrar university.

4. Completing your application form

application form
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The process for applying for student assistance differs for full-time and part-time students:

  • Full-time students submit their applications online through their Student Assistance account.
  • Part-time students must complete a quick application form and follow the instructions on the form they must submit.

There are two things to keep in mind. To be eligible to receive your funding, your application must be submitted at least 60 days before your classes start, and a 12-month application period is allowed for student aid.

Word of caution: Never divulge personal information, such as your user ID or password, for your account with the Alberta Student Loan, and always keep it private. Call Student Loan for assistance if you need it.

5. Create Your Student Assistance Account

If you are a full-time student, you must create a Student Loan account to apply online. Use your account to access your Albert inbox, where you will receive important messages from Student Loan.

For part-time students, this account is voluntary. In the mail, you will also receive important messages.

To create your account, you must verify your identity with MyAlberta Digital ID as one of the Alberta students. 

There are 2 steps to take: 

First: Provide an Alberta driver’s license or standard identity documents.

Second: Verify your identity with the Secure Identity and Access Management System (SIAMS), using:

  • Two official marks of the Alberta High School Diploma level, or
  • Alberta Student Student Loan Agreement or Canadian Student Financial Aid Agreement (MSFAA) Number, or
  • Alberta or Canadian Loan Credit Certificate Number (student loan before 2013).

What To Keep In Mind:If you have never applied and cannot provide any of the above information, you can still apply online. However, you will have limited access to your account until you verify your identity.

6. Aiding Students with Permanent Disabilities

The first time you apply, you must submit a Schedule Four(4) form describing your disability and what support you need.

You must also submit medical records, which may include:

  • Copies of a medical certificate
  • Reading assessment
  • A document proving that you are receiving government and provincial assistance, for example, the Accredited Disability Salary (AISH)

Upload these documents to your Alberta Student Aid account, or send them to Student Aid. 

You will not be required to submit this information the next time you apply unless you request a disability grant funding or relief service.

7. You are Eligible If You Are in Flight Training

You might already be eligible for full-time student aid if enrolled in a commercial flight or flexible unit training program. Along with other documentation, you must submit an aviation form.

Keen to know about the 5 Best Universities for Sportsmen in Canada, please visit the 5 Best Universities for Sportsmen in Canada.

Flight training
Photo by Simon Fitall on Unsplash

8, Married or casual students – Alberta student aid

If this is your first time applying for student assistance, your spouse or partner must sign a Consent Form and Declaration.

This form will be sent to your Student Aid account inbox after submitting your application. You can submit it electronically with your Student Aid account, but it must have an original signature.

9, Special circumstances allow you to apply even if you are not eligible

If you fit into one of the following categories, you may be qualified to apply for student aid as a full-time student:

1, Multiple Schools at Once

Concurrent enrollment is when you are enrolled in part-time programs at more than one institution, resulting in a full-time course load.

So, if you are having trouble with your tuition payment deadline or other commitments, You can opt for Alberta student aid as a full-time student.

In this situation, you select one of your schools to serve as your “main educational institution” and fill out your Student Aid application using their details.

Once you’ve submitted your application online, upload a Schedule 3 for concurrent enrollment with the rest of your school information.

2, integrated field study, exchange, and internship

You can be qualified for financial help if you’re a part-time student in an integrated internship, co-op, or internship as a component of your course of study. 

You can also apply for student aid as a full-time student even if participating in an exchange or field study program.

What It Needs to Qualify

Your college will consider you to be a full-time student if you are enrolled in an internship. But an internship is only considered integrated if completing an internship counts toward earning a degree, diploma, or certificate.

The second requirement for receiving aid under the Canada Student Loan Program is that the applicant must be one of the Alberta permanent residents.

10, How You Get Your Money

If there are no problems with your application, it will take the financial aid office a few days to process. However, sometimes, its processing time is up to 45 days.

You will find one of the following in the inbox of your Student Aid account:

  • Letter of refusal or information regarding student award letter.
  • A letter of recommendation showing how much student loan and grant you will receive, or
  • An information request that is not in your original request, or

If you believe you should have received several funds or are unsure why you were rejected, you can request a review of your account.

If you are approved and are awarded a student award letter, you can get your funds one week before your classes start. 

Student Aid will pay tuition fees and liabilities directly to your school and deposit any remaining balance into the bank account you have provided.

The rest of the money may not be transferred to you at once. Instead, it may spread during the start of the upcoming academic year

Check your payment plan in your prize book or your student aid account.

Closing Thoughts

Student Aid Alberta is one of the country’s best Canada Student Loans Programs. 

Whether you are pursuing full-time studies or part-time studies, once you get your scholarship student awards, consider your financial need solved.

Frequently Asked Questions 

1, What is the interest rate you have to pay?

 By default, the interest rate charged is set at a floating rate (maximum Canadian Imperial Bank of Commerce + 1%). At the same time, students can request a fixed rate (maximum Canadian Imperial Bank of Commerce + 2%).

STUDENT LOAN DEBT: What I Wish I Knew (Canada)

2, Does it cover the provision of resources and equipment

Student Loan Aid will send you information about the number of your grants and their purpose if you receive disability-related assistance grants.

You must submit receipts for the utilities and equipment you purchase before your current study period ends. Use the Reconciliation Worksheet to record your purchase.

3, Under what circumstances can Alberta student loans be exempt?

Student loans from Alberta can be excluded. However, only under a specific occurrence are Alberta student loans exempt.

If you file for bankruptcy at least seven years after finishing your full-or part-time education, you might be eligible to have all your student debt canceled, and you must enter repayment.

if you are one of the students who need help from the Alberta student aid system with any Canada student loans program, Reach out to the district office today.

Last Updated on by Sanjana

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