Customize Payments to Work for You

Your Alberta student loan payment schedule is based on the total amount of money you borrowed. You can follow the payment schedule that is automatically set up for you, or you can customize your payments to work for you.

4 Simple Ways to Pay Your Loan Off Faster

1. Increase your monthly payment amount
   Login to your MyLoan account, and select: Customize Payment Terms
   
   
2. Make additional payments
   •  Make additional lump sum payments as often as you can
   •  Additional payments are applied directly to your Principal Owing after daily interest is applied
   
   Make a Payment and choose either:
   •  One-Time Payments or
   •  Pay with Online Banking, Money Order or Cheque
   For instructions, See Alberta Student Loan.
   
   
   
3. Change to biweekly or weekly payments
   Switch to biweekly or weekly payments to pay your loan faster:
   •  Payments are applied to your loan balance sooner, decreasing the amount of interest accruing daily.
   •  Increases the number of payments you make each year:
          o  Monthly  = 12 payments each year
          o  Biweekly = 26 payments per year (equivalent to 13 monthly payments)
          o  Weekly   = 52 payments per year (equivalent to 13 monthly payments)
   
   Call the Alberta Student Aid Service Centre
   
   
4. Adjust the length of your Amortization period
   Decrease the number of months it will take to pay off your loan:
   •  Increases your monthly payment amount
   •  You will pay your loan off in full, faster
   •  You will pay less interest
   
   Call the Alberta Student Aid Service Centre