Overview
Most students leave school with an Alberta student loan and a Canada student loan.
Having two loans means you need to handle two debts and two payment schedules.
Your Alberta loan is managed through Alberta MyLoan and your Canada loan is managed through the National Student Loans Service Centre (NSLSC). You must create individual accounts through these websites and handle your repayments separately.
This is what the lifecycle of student loans looks like:
If you have Alberta student loans:
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While you’re a student |
Loans are interest-free and you don’t need to make payments. |
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Grace period The first 12 months after you leave school, beginning the first day of the month after your end date |
Loans are interest-free, and you don’t need to make payments. |
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Repayment Begins 12 months after you leave school |
Interest is added to your loan balance monthly. |
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Repayment begins. A monthly repayment schedule is set up for you automatically. |
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Alberta Student Loans | Grace Period Extension Prior to Dec 1, 2022: |
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If you have Canada student loans:
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While you’re a student |
No interest and you don’t need to make payments. |
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Non-repayment period The first six months after you leave school, beginning the first day of the month after your end date |
No interest, and you don’t need to make payments. |
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Repayment Begins six months after you leave school |
Interest is permanently eliminated. Students are still responsible to pay any interest that may have accrued on their Canada loans before April 1, 2023. |
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Repayment begins. A monthly repayment schedule is set up for you automatically. |
Start your loan repayment
You’ll start repaying your loans:
- Alberta student loans - 12 months after you leave school
- Canada student loans - 6 months after you leave school
Your monthly payment is automatically calculated. Your repayment schedule depends on:
- Your loan balance (how much you owe)
- Your interest rate (the fee you pay to borrow money)
- Your repayment term (how many months it will take you to pay off your loans based on your repayment schedule)
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Repayment term for Alberta loans |
Repayment term for Canada loans |
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$0 - $3000 |
3 years |
You can determine using the Government of Canada’s loan repayment estimator. |
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$3001 - $6000 |
8 years |
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$6001 and more |
9.5 years |
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Customize your loan repayments
You can adjust your repayment details at any time to accommodate your life and financial situation.
You can:
- change your repayment schedule to match when you get paid
- adjust the frequency of your repayments from monthly to bi-weekly or weekly
- increase or decrease your payment amount
To customize your repayment details:
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Alberta loans |
Canada loans |
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Use your MyLoan account |
Use your NSLSC account |
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Change the frequency of payments by calling the Student Aid Service Centre |
Change the frequency of payments by calling the National Student Loans Service Centre |
Learn more about adjusting repayment details.
Understand your interest rates
When you start paying back your loans, your interest is automatically set to a floating interest rate. You can view your Alberta student loan interest rate in your MyLoan account.
A floating interest rate follows the current prime rate. If the prime rate changes, your interest rate will automatically be adjusted.
Prime rates
Prime rates are numbers set by Canadian banks that are used to determine interest rates across the country.
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Alberta loans |
Canada loans | Prior to April 1, 2023 |
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Interest rates on Alberta loans depend on the prime rate set by CIBC |
Interest rates on Canada loans depended on the prime rates set by the 5 biggest Canadian banks. |
Fixed vs. floating interest rates
You can request to have a fixed interest rate on your Alberta student loan. You can only make this change once. Contact the Alberta Student Aid Service Centre for more information.
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Alberta loans |
Canada loans | Prior to April 1, 2023 |
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Floating rate |
CIBC prime rate |
Prime rate of Canadian banks |
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Fixed rate |
CIBC prime rate |
Prime rate of Canadian banks plus 2% |
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Alberta Student Loans | Interest Rate Change Alberta Loans Prior to July 1, 2023: Canada Student Loans | Interest Permanently Eliminated Students are still responsible to pay any interest that may have accrued on their Canada loans before April 1, 2023. |
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Get tax credits for interest paid
You may be eligible to receive a tax credit for interest paid on your student loans.
Missed payment consequences
Missing payments on your student loans has consequences. This can:
- put your loans in default
- lower your credit score
- send your loans to collections
- cause the government to take legal action against you
- make you ineligible for future student loans
If you miss a payment on your loan, Student Aid will contact you by phone and email to help you get back on track.
If you have trouble making payments, contact Student Aid to learn about applying for repayment assistance or adjusting your repayment details.
Learn more about the consequences of defaulting on your loans.
Special circumstances
If you have difficulty making payments, you can apply for the Repayment Assistance Plan (RAP). Under special circumstances, you may qualify for additional support:
Borrowers with disabilities
You may qualify for an enhanced Repayment Assistance Plan (for Alberta loans only).
In extreme circumstances, a borrower with a disability may be eligible for loan forgiveness.
Borrowers who declare bankruptcy
You are still expected to repay your student loans. You must continue to make monthly payments.
However, you may request a court-ordered discharge once 7 years have passed since you left school (5 years in the case of extreme financial hardship).
Learn more about declaring bankruptcy and defaulting on your loans.