When you graduate or cease full-time studies, your Alberta Student Loan will be payment-free and interest-free for six months, and your Canada Student Loan will be payment free for six months but will begin to accrue interest immediately. (For details about other provinces, see Out of Province.)
You can begin repayment before the repayment period begins, if you wish.
The repayment period for your Canada and Alberta student loans will begin on the first day of the seventh month after you stop being a full-time student.
If you have both 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 the repayment period, you will receive a Student Loan Consolidation letter from each lender, which will detail the balance owing on your student loans, the amount of your monthly payment, your payment dates, and the terms of the loan. This letter will need to be signed and returned to the address on the form.
You will be able to repay your loan in a number of ways, including pre-authorized or manual banking payments, cheque, or money order.
For more information see the Student Aid Alberta Service Centre website and the National Student Loan Service Centre website, or contact your provincial funding authority.
Repayment Assistance Plan
If you are having trouble paying back your loan, you can apply to enter the Repayment Assistance Plan, through the National Student Loan Service Centre website. If you are deemed eligible, you may qualify for a reduced monthly payment. See also the Repayment Assistance Estimator.