Flexible Repayment Options
The Repayment Assistance Plan (RAP) and the option to change repayment terms have been designed to help borrowers keep their loans in good standing and to provide borrowers with flexible loan repayment options.
Borrowers should contact their service providers to ask about these programs.
Change of Repayment Terms
If the standard repayment terms of a borrower’s student loans do not suit the borrower’s circumstances, the borrower may customize their repayment terms to:
- reduce the monthly payment amount and extend the amortization (payback) period. These requests are limited by the following:
- maximum repayment term is 174 months
- minimum payment amount in $25
- increase the monthly payment amount and decrease the amortization period,
- change payment due dates,
- increase the frequency of payments, or
- request interest only payments for six month periods.
Borrowers may revise the terms of their Alberta student loan by signing into their MyLoan account on the Alberta Student Aid Service Centre website or by contacting the Alberta Student Aid Service Centre by phone.
Changing repayment terms is not available on Alberta student loans that have already been returned to the Government of Alberta due to default. For loans that have been returned, borrowers must contact Treasury Board and Finance, Crown Debt Collections at 780-427-3244.