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~ POLICIES AND PROCEDURES ~

WHAT IS A STUDENT LOAN?

A student loan is financial aid for students and is intended to supplement your financial resources for education costs. A student loan is a formal financial agreement between you and:

• a lending institution, such as a bank
• the provincial and/or federal government
• a combination of the above.

You must have a thorough understanding of loan obligations and terms, be cognizant about repayment assistance programs, and employ financial management skills to manage debt load.

ELIGIBILITY:

You may be eligible for a student loan to fund your post-secondary education, if you can prove financial need and meet other funding criteria.

PAYING INTEREST:

You pay no interest on your student loan while you attend a designated post-secondary institution full time.


REPAYMENT:

Upon completing your studies, you have to repay your student loan, with interest, within a defined period of time. Students are responsible for making regular payments on their loans or making arrangements to be on government repayment assistance programs. Loan default is not a viable option.

SOURCES OF LOANS FOR ALBERTA STUDENTS:

The Government of Alberta provides Alberta Student Loans. The website for student funding is www.alis.gov.ab.ca

• EDULINX Canada Corporation administers Alberta Student Loans for the province.
• Before you apply, find out how student loans work at the Entrance Counseling session on the EDULINX website: https://www.edulinx.ca/ABDLWeb/En/index.aspx

The Government of Canada provides Canada Student Loans

* National Student Loans Service Centre administers Canada Student Loans for the federal government.

You only need to use one application, the Alberta Application for Financial Assistance, when applying for student loans. If you are eligible, you may receive both Alberta and Canada student loans. The decision as to whether you receive an Alberta and/or Canada Student Loan is automatically made for you from the one application. You will have to pay back all loans separately.

PROVINCIAL GRANTS AND BURSARIES

Grants and bursaries are non-repayable forms of assistance for students who demonstrate financial need. There are numerous provincial and federal government grants and bursaries available for students. Eligibility varies with individual grants and bursaries. For information go to http://alis.alberta.ca/et/fo/studentsfinance/grant-type.htm

Alberta Opportunities Bursary: Value: up to $1,500 per year
* Available to first or second-year students who:
- have high financial need and are attending an educational institution in
Alberta that is participating in this bursary program.

Maintenance Grants: Value: up to $6,000 per academic year
* Available primarily, but not restricted to students who are:
- single parents
- married/common law students whose spouse/partner cannot work for
medical reasons
- single students required to make maintenance payments.

Grant Eligibility
To be eligible for a grant or bursary in Alberta, you must:

1. be a resident of Alberta
2. prove financial need
3. be enrolled as a full-time student
4. maintain academic progress

NOTE: If you are receiving both loan and grant funding, your loan
agreement/certificate must be cashed within 60 days of the loan
disbursement date. If the loan agreement/certificate is not cashed within that time, the grant funding for which you are eligible will not be issued to you until your loans are cashed.

ALBERTA WORKS FUNDING:

Alberta Works Income Support is available to eligible adults to participate in employment and training services. Website: http://employment.alberta.ca Click the "Career & Employment" tab at the top and then "Financial Support For Training" on the left for funding information.

It is advisable to create online accounts with your provincial and federal loan service providers so you can view your loan information details, set up automatic payment, or update your contact information.

STUDENTS' RESPONSIBILITY REGARDING LOAN REPAYMENT

"Students should familiarize themselves with all aspects of arranging for a student loan from beginning to end. While we are here to assist, it is the student's responsibility to understand the process and know the student finance contacts. You should know who to talk to if you encounter financial difficulty when the time comes to repay the loan as there are people in place to assist you with a payment plan that fits your budget. Once again, defaulting on a loan is not an option."