Student loans can be complicated, but we’re here to help! Our Admissions Advisors can assist you with your loan application and advise you on how to manage your loans and pay for your education. Student loans are administered by the provincial and federal governments. When you apply for your provincial loans, you will be simultaneously assessed for federal funding. Student loans are interest-free and payment-free during the period of study, followed by a six-month grace period, and are repayable after that time. See the repayment options below.
Worried about funding?
Academy of Learning Career College is here to help. The decision to invest in education and career training is one of the most important decisions you’ll ever make. Once you’ve taken that important step, the next question is how to pay for it. If you’re looking for advice on financial aid we can help, with a variety of options that will assist you in upgrading your skills and building your career future. We can provide tuition solutions to give you the confidence and peace of mind to start down your new career path today.
Our career advisors can help you explore a range of funding options including payment plans, loans, provincial student assistance, and sponsorships. They will help you find the option that is right for you and work with you to create a customized plan that will make your learning experience as stress-free as possible.
Sponsorship may be available from your employer, or possibly from outside agencies for eligible applicants. Students who wish to apply for sponsorship must contact the appropriate agency for authorization. The application process for sponsorship varies from agency to agency.
Financial assistance may be available for students who qualify for:
- Employment Insurance
- First Nations
- Private Insurance
- Scholarships Canada
- Student Line of Credit
- Workers’ Compensation Board
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In Alberta, students have a number of repayment options available to them to ensure they pay back their student loans. Check out these Alberta-specific student financial assistance options. From tips on money management and budgeting for students to information about repaying student loans, debt management tools, and repayment assistance programs, this handy resource will benefit students, graduates and their parents.
Paying back your student loans needs to be one of your top priorities once you graduate. Based on your personal or family budget, you’ll need to decide how to incorporate your monthly loan payment so that it just becomes another bill you pay. There are many ways to make sure your student loan repayment plan doesn’t feel like too much of a burden. You may want to apply for interest relief or might opt for reducing your monthly payment, which will spread your repayment over a greater number of months. There are many ways that you can make your repayment plan work for you.
Repayment Assistance Plan (RAP)
The Repayment Assistance Plan, available for both Alberta and Canada student loans makes sure your monthly payment is in sync with your income and family size. You can apply anytime during your repayment term.
If you qualify, a reduced monthly payment will be set for six months, based on your income. Depending on your situation, you may not need to make a payment at all for some months until your situation changes.
Completing one RAP application will ensure you are considered for benefits on both your Canada and Alberta student loans. If you meet the program criteria and would like to apply, contact Student Aid Alberta to get started, or access the Repayment Assistance Plan Application.
You could be eligible for RAP if:
- you are currently repaying an Alberta or Canada student loan
- your monthly payment amount is not in sync with your income or family size. Use the Repayment Assistance Plan Estimator to see if you might be eligible.
- your student loans are in good standing For Canada student loans, you must also be living in Canada. If you are behind on your payments, you can ask for a reduced payment to be back dated for up to 6 months. You can also ask to capitalize your interest charges by 3 months in order to help keep your loans in good standing.