What you need to know to achieve your career goals
Financial aid should not be a barrier if you want to pursue a post-secondary education that will help you start a new career. If you’re a prospective student in Alberta considering applying for financial aid, we’ve put together some basic guidelines to help you understand the process. Before you know it, you’ll be one step closer to the classroom and a new career!
What is a student loan?
A student loan is money borrowed to assist you in covering the costs of attending post-secondary school. A student loan is just that – a loan that must be repaid, with interest (the rate charged for borrowing money), within a defined period of time.
Completing the application
It’s important to complete all the information on the application forms. The information captured is used differently by Alberta Student Aid and the Canada Student Loans program to determine your eligibility for provincial and federal loans and grants. Student loans and grants provided by the provincial or federal government are awarded based on a student’s calculated need for their study period. The study period is based on the start and end date you indicate on your application.
Before you begin, make sure you’ve got the following information handy:
- Social Insurance Number (SIN)
- Alberta Student Number (ASN). You can find your ASN on MyPass (Alberta high school transcript), or you can look up your ASN at Lookup ASN.
- Start and end dates of your school year
- Tuition and mandatory fees
- Books, supplies and instruments costs
- Your line 150 from last year’s income tax return
Married or common-law students need to provide their spouse’s or partner’s:
- Social Insurance Number (SIN)
- Line 150 from last year’s income tax return
Repaying your loans
Understanding your student loan while in school and before you finish your studies can help you manage your student loan now and help with repayment down the road. Student loans are interest-free while you are in school, and after your Period of Study End Date, you are given a 6-month grace period before you have to start making payments. If you want to pay off your loans sooner, you are welcome to make payments at any time.
- Alberta Student Loans: 6-month grace period: Once you’ve completed your education and are embarking on your career journey, you have a 6-month grace period that starts the day after your Period of Study End Date. While your loan status is In Grace, you do not have to make payments and interest is not charged on your Alberta student loan.
- Canada Student Loan: 6-month non-repayment period: Similar to the Alberta Student Loan, you have a 6-month Non-Repayment period for your Canada Student Loan that starts the day after your Period of Study End Date. However, unlike the Alberta Student Loan, while your loan status is Non-Repayment, you do not have to make payments, but interest is charged.
Ready to apply and head back to school? Now that you know how to secure financing for your education, consider enrolling at MCG for an incredible training experience, flexibility and graduate connected to a larger community. Learn more about financial aid and stay connected — follow us on social!