Getting Ready to Repay

Arrows orange It pays to plan ahead.

Once you've stopped being a post-secondary student, its time to prepare to repay your student loans.

Loan -paymentSeveral repayment options  are available to make it as easy as possible.

Stay connected!

Please notify us if any of your contact information (including your name, address, phone, and email) changes, so we can continue to send you updates about your loans, including your annual tax receipts.


Interest Charges

Alberta student loans

Student Aid Alberta will not charge interest on your loans for the first six months before you begin repaying.  This means when you leave or finish your studies, you'll have six months of interest-free Alberta student loans with no payments required. 

If you begin studying part-time, your Alberta student loan will be interest-free with no payments required.  If you are receiving student aid for your part-time studies, you'll need to complete this Confirmation of Enrollment Form B to keep your Alberta student loan in interest-free status.  Also, if you are not receiving student aid, download the form here to make sure interest is not charged on your Alberta student loan.

Canada student loans

Interest on your Canada student loan starts accumulating just after you stop studying full-time. You'll start making payments six months later. You can manage this interest in one of two ways:

  1. Pay the interest before your Canada student loan enters repayment in six months. If you choose, you can make one or several payments to pay the interest before your loan payments begin. This could slightly reduce your monthly payment amount.
  2. Capitalize the interest by adding it to the principal balance of your loan when you begin making repayments. This is done automatically if the interest is not paid before your loan enters repayment.

How interest is calculated

Interest on your student loan is automatically set at the floating rate.  For Alberta student loans, the floating rate is the prime rate (the lowest rate of interest for most banks). Your bank can provide you with the most current prime rate information. Floating rate for Canada student loans is prime plus 2.5%.

If you prefer, you can request a fixed rate on a one-time basis. This rate is higher at the prime rate plus 2% for your Alberta student loans and prime plus 5% for your Canada student loans.

What happens next?

Once you leave studies, the Student Aid Alberta Service Centre and/or the National Student Loan Service Centre will send you paperwork to help you get your loans ready for repayment.

Watch your mailbox and email for updates and read the information you receive carefully, as you will receive documents that require you to provide information for this next stage of your loan.  Contact us if you have any questions along the way.

Keeping your loans interest-free

Your Alberta and Canada student loans will not accumulate interest while you are studying full-time.  Student Aid Alberta will keep your Alberta student loan interest-free even if you are studying part-time, and for six months after you stop studying.

If you are enrolled in a post-secondary program, but not receiving student aid, find out more about keeping your loans interest-free

• Complete Form B  if you have an Alberta student loan, or if you have both Alberta and Canada student loans
• Log onto NSLSC Online Services or complete Schedule 2 if you only have Canada student loans

Your loans may also be kept from accumulating interest under the following circumstances:
• Medical residents (applies only to Student Aid Alberta)
• Parental leave (applies only to Student Aid Alberta)
• Canadian Forces Reservists