Repayment Assistance

Repayment Essentials

Introduction

Chapter 1:
Manage Your Loans

Chapter 2:
Making Your Payments

Chapter 3:
Interest Rates for Student Loans Repayment

Chapter 4:
Customize Your Payment Terms

Chapter 5:
Help During Repayment

Chapter 6:
Questions About Repayment

Chapter 7:
Student Loan Financial Terms

If you are having difficulty repaying your loans, you have options.

Repayment Assistance Plan

The Repayment Assistance Plan is a great option if you are having difficulty making your payments. If you are eligible, an affordable payment is calculated based on your family size and income. Depending on your circumstances, that could mean that no payment is required for the 6-month approval period.

Effective July 1, 2023, Alberta’s government is increasing income thresholds for the Repayment Assistance Plan from $25,000 to $40,000.

No payments required if your income is under:

Family Size	1	2	3	4
	$25,000	$39,000	$50,500	$59,500

Eligible for an affordable (reduced) payment if your income is under:

Family Size	1	2	3	4
	$50,000	$60,000	$85,500	$100,500

How it Works

Stage 1
The government will pay the interest owing that your revised payment does not cover. This may last for up to 60 months during the 10-year period after your period of study end date.

Stage 2
This begins after you complete Stage 1, or when you have been in repayment for over 10 years after your period of study end date. During Stage 2, if you continue to experience difficulties meeting your repayment obligations, the Alberta Government will begin to cover both the principal and interest on your loan(s) that exceeds your reduced monthly payments.

As long as you remain eligible for the Repayment Assistance Plan, the balance of your loan is gradually paid off. Repayment obligations will not exceed 15 years after your period of study end date.

The Repayment Assistance Plan is there to help you through tough times – but we also want to help you tackle your debt and pay off your loan as soon as possible – so you have to reapply for the Repayment Assistance Plan every 6 months.

Repayment Assistance Plan for Students with a Disability

The Repayment Assistance Plan for Students with a Disability allows your balance to be reduced to zero after 10 years (instead of the usual 15 years). After 10 years no debt or restrictions will exist.

If you are on the Repayment Assistance Plan for Students with a Disability and you are more than five years into repayment, you will be restricted from further funding from the Canada Student Financial Assistance Program until your balance is zero. You may still be eligible to receive further funding from Alberta Student Aid.

Eligibility

You may be eligible for the Repayment Assistance Plan for Students with a Disability if:

Your permanent disability or persistent/prolonged disability has been assessed and recognized by the Canada Student Financial Assistance Program, and

You meet the following eligibility criteria for the Repayment Assistance Plan

Your loan must be In Repayment.
Your loan must be in good standing (not in default).
- Your loan may be backdated up to 6 months and/or up to 3 months of interest can be capitalized (interest owing is added to your principal).
• You must provide all requested documentation
• You must meet the financial eligibility requirements

You are not eligible when:

Your loan has been included in a bankruptcy
You are restricted for failing to make previous Repayment Assistance Plan affordable payments

Apply for the Repayment Assistance Plan

If you have Canada and Alberta student loans, you only need to submit one application for the Repayment Assistance Plan. The online application is available through the National Student Loan Service Centre.

If you have Alberta student loans only, call:

Alberta Student Aid Service Centre
1-855-606-2096 | Option 3