Loan Repayment Basics

When signing the Canada Master Student Financial Assistance Agreements (MSFAAs) or the Alberta Student Aid Agreement the student agrees to pay:

  • the full amount of the student loan principal
  • any interest owed, and
  • overpaid grants that are converted to a direct loan.

Upon completion of studies, borrowers are responsible for repayment according to the payment schedules communicated by the service providers (National Student Loans Service Centre or Alberta Student Aid Service Centre).

Borrowers who are having difficulty repaying may review the Assistance with Repayment section below or contact the service providers to discuss options before their loans go into default.

If a borrower would like to make a payment on their student loan, the payment must be forwarded to the relevant service provider. A borrower can make a payment to their student loan at any time.

Service Providers

Currently, there are two service providers who are responsible for issuing loan and grant funds to Alberta students and for collecting loan repayments from borrowers.

Alberta Student Aid Service Centre

Alberta Student Loans that have been issued since July 2001 are direct loans (a loan directly from the government). The service provider for direct Alberta Student Loans and grants is the Alberta Student Aid Service Centre. Borrowers may contact the Alberta Student Aid Service Centre at 1-855-606-2096 for additional information regarding the repayment of direct Alberta Student Loans. Except where specified, the rules and conditions described in this chapter apply to direct loans.

National Student Loans Service Centre (NSLSC)

Canada Student Loans that have been issued since July 2000 are direct loans. The service provider for direct Canada Student Loans is the National Student Loans Service Centre (NSLSC).

Borrowers may contact NSLSC at 1-888-815-4514 for additional information regarding the repayment of direct Canada Student Loans. Except where specified, the rules and conditions described in this chapter apply to direct loans.

Financial Institutions

Borrowers with Canada Student Loans issued prior to July 2000 or Alberta Student Loans issued prior to July 2001 will have risk-shared or guaranteed loans.

Risk-shared or guaranteed loans were provided through financial institutions and may be subject to different rules according to the certificate(s) of eligibility the student signed. Borrowers must contact the issuer of the loan: Canadian Imperial Bank of Commerce (CIBC) or Royal Bank of Canada (RBC) to discuss repayment of these loans.

Treasury Board and Finance – Crown Debt Collections

If Alberta Student Loans are 150 calendar days past due, they are considered in default and are returned by the service provider to the Government of Alberta (Treasury Board and Finance – Crown Debt Collections).

Students may contact Treasury Board and Finance at 780-427-3244 regarding debts that have been returned to the government.