2024-2025 Operational Policy & Procedures
Introduction

Student Aid Agreements/Master Student Financial Assistance Agreements (MSFAAs)

Reg.: Schedule 2, s. 28

The first time a student is approved for full-time funding, they must complete a loan agreement before any funds can be issued. There are two separate agreements:

  • For Canada Student Loans: Full-Time Canada Master Student Financial Assistance Agreement (Full-Time Canada MSFAA)
  • For Alberta Student Loans: Alberta Student Aid Agreement

Below is a summary of some of the terms and conditions for receiving student aid. By signing the agreement, the student agrees to all terms and conditions including (but not limited to):

  • declaring that their application information is true and complete
  • agreeing to repay student loans and grant overpayments
  • acknowledging the exchange of information (e.g. with their school, other government departments, landlords, etc.) and consenting to the exchange of information with the Canada Revenue Agency (CRA)
  • agreeing to inform Alberta Student Aid of changes that may affect eligibility
  • agreeing that some of their funding may be sent directly to the school to pay for tuition and mandatory fees.

Please see the Canada MSFAA and Alberta Student Aid Agreement for a complete description of all terms and conditions.

Instructions for submitting the agreements can also be found on the Loan Agreements section of the Alberta Student Aid website.

Students receiving Alberta Student Loans must complete an Alberta Student Aid Agreement in their Student Aid account. Students receiving Canada Student Loans will be provided instructions in their Student Aid account on how to complete their Canada MSFAA. Students receive their funding disbursements from the service providers. If a student’s agreements are incomplete or have errors, the applicable service provider will attempt to contact the student to resolve the issue(s).

To allow for processing time, agreements should be completed at least two weeks prior to the study period end date.

All undisbursed funding will be cancelled if the agreements are not received by the service providers or issues with the agreements are not resolved prior to the study period end date.

Before funding can be disbursed:

  • If a student is only approved for Canada student loans and/or federal grants, the student must complete the Full-Time Canada MSFAA.

  • If a student is only approved for Alberta student loans and/or provincial grants, the student must sign and return the Alberta Student Aid Agreement.

  • If a student is approved for both federal and provincial funding, the student must complete both the Full-Time Canada MSFAA and the Alberta Student Aid Agreement. When an agreement is completed, the corresponding funds will be issued.

Example: If a student submits their Full-Time Canada MSFAA but fails to submit their Alberta Student Aid Agreement, they will receive their federal funding only and vice versa.

One-Time Agreements

The agreements will generally only need to be signed one-time (when the borrower receives their first federal or provincial loan), so long as the borrower remains a full-time student. However, a student will need to sign new agreements if the student:

  • has a break in full-time studies of more than two years, or
  • received funding through another province/territory.

In future study periods, if the student has been approved for funding, loans and grants will be issued once the school has confirmed registration.

Alberta Student Aid may amend the Alberta Student Aid Agreement at any time by posting a directive on the Alberta Student Aid website detailing the changes. Refer to the Alberta Student Aid website for the most up-to-date Alberta Student Aid Agreement.