Calculated Financial Need

Reg.: Schedule 2, s. 8(1)(d)

The student must establish to the Minister’s satisfaction that the student is in financial need, taking into account the financial resources available to the student.

The formula for determining calculated need is:

Calculated Financial Need = Allowable Costs – Resources

Each student’s application is subject to both a Canada eligibility assessment calculation based on Canada Student Financial Assistance Program costs and resources, and an Alberta eligibility assessment calculation based on Alberta Student Aid costs and resources. As a result, a Canada calculated need and an Alberta calculated need will be determined.

If both calculations result in negative amounts, the student is considered to have sufficient resources to cover basic learning and living costs and no funding will be issued.

If either calculation results in a positive amount, the student is eligible to receive up to the calculated need, subject to loan limits and allocation rules.

Each eligible student who receives a loan is awarded the lower of the:

• requested need
• calculated need, or
• maximum amount for the application period – See Annual Loan Limits and Lifetime Loan Limits for more information.

The calculated need is also used to determine the eligibility for grant funding.

All costs and resources must be submitted in Canadian dollars.

The Allowable Costs section below outlines the differences between Canada Student Financial Assistance Program and Alberta Student Aid allowable costs and resources.