When you graduate or cease to be in full-time studies you will enter a six-month grace period before you have to start paying back your loans. During this grace period your Alberta Student Loan will continue to be interest and payment free. Your Canada Student Loan will be payment free, but will begin to accrue interest. When your six-month grace period has ended your student loan will enter repayment status. If you have Canada and Alberta Student Loans you will need to make two payments - one to the Student Aid Alberta Service Centre and one to the National Student Loan Service Centre.
Before you enter repayment status you will receive a student loan repayment letter, which will detail the balance owing on your student loans, the amount of your monthly payment, payment dates, and terms of the loan. You may also receive some information about the Repayment Assistance Plan.
If you will be returning to full-time studies before the end of your grace period, see Interest-free Status.
When you enter into repayment status you will be able to pay in a number of ways including pre-authorized payments out of your bank account, online or telephone banking, or cheque or money order. If you would like more information on these options contact the Student Aid Alberta Service Centre and the National Student Loan Service Centre.
Regardless of which option you choose, it is highly recommended that you keep track of and manage your student loan through the Student Aid Alberta Service Centre and the National Student Loan Service Centre online portals. If you would like to make payments on your student loan before you enter repayment (i.e. in your grace period) you are able to do so.
Students from provinces outside Alberta will need to contact their provincial funding authority regarding repayment.
Repayment Assistance Plan
If you are having trouble paying back your loan, you can apply for the Repayment Assistance Plan (RAP). You can apply for RAP online through the National Student Loan Service Centre portal. If you are eligible for RAP you may qualify for a reduced monthly payment. Visit Repayment Assistance Estimator for more information.