Student Loans & Grants Funding Guide

Student Loans & Grants Funding Guide

For Full-Time Post-Secondary Studies 2017-18

Apply Online

If you are attending a post-secondary institution approved by the Government of Alberta, you may be able to apply for student aid online. For more information or to access the online application, visit: studentaid.alberta.ca

Student Loans & Grants Funding Guide

The information and amounts in this guide are current as of June 2017. All amounts are in Canadian dollars.

Contents

2 Alberta Student Aid 3 About Loans and Grants 6 Loans and Grants Details 8 Application Basics 10 Money You Need: Your Expenses 12 Money You Have: Your Resources 15 Grants for Students with Permanent Disabilities 18 Application Quick Tips 25 What Happens Next? 26 Changes to Your Application 28 How to Submit Your Documents 29 Help is Available

Student Loans & Grants Funding Guide 1

Alberta Student Aid

Alberta Student Aid can help you achieve your post-secondary education goals.

Financial need should not be a barrier if you want to pursue a post-secondary education.

If you are a full-time student and submit an application to Alberta Student Aid, you will be considered for student loans and grants from both Alberta Student Aid (the provincial government) and the Canada Student Loans Program (the federal government).

It's important to complete all the information on the application because information about your resources and your costs are used differently by Alberta Student Aid and the Canada Student Loans Program to determine your eligibility for provincial and federal loans and grants.

Calculated Need = Allowable Costs ? Resources

Each student's application is subject to both a federal eligibility assessment calculation based on the Canada Student Loans Program costs and resources, and a provincial eligibility assessment calculation based on Alberta Student Aid costs and resources. As a result, a federal calculated need and a provincial calculated need is determined.

1 Application 2 Assessments

You only need to submit one application. Funding from both Alberta Student Aid and the Canada Student Loans Program is automatically assessed when you submit your application to Alberta Student Aid.

How Your Eligibility is Determined

Alberta Student Aid Policy

For more information on how your eligibility is determined, refer to the Alberta Student Aid Operational Policy & Procedure Manual, available at:

? studentaid.alberta.ca/student-aid-policy

This manual outlines current policies and is a primary resource for policy and procedure guidance to Alberta Student Aid staff, postsecondary institutions, and students.

2 Student Loans & Grants Funding Guide

About Loans and Grants

Government Student Funding

Repaying Your Loans

When you apply for funding from Alberta Student Aid, you are assessed to determine if you are eligible for:

? Alberta Student Loans and Grants and/or ? Canada Student 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.

Loans

A student loan is money borrowed to assist you in covering the costs of attending 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.

First Time Applicants

If you have questions or need more information, a good place to start is at: ? studentaid.alberta.ca Search for: ? Understanding Your Student Loan

Student loans are interest free while you are in school. After your Period of Study End Date, you are given a 6-month grace period before you have to start making payments ? however, if you want to pay off your loans sooner, you are welcome to make payments at any time.

Repayment and interest accrual of your Alberta student loan is different from your Canada student loan.

Alberta Student Loan Status: In Grace

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 Status: In Non-Repayment

You have a 6-month Non-Repayment period that starts the day after your Period of Study End Date. While your loan status is Non-Repayment, you do not have to make payments, but interest does accrue on your Canada student loan.

Student Loans & Grants Funding Guide 3

Grants

Grants are available to students from low and middle income families, students with permanent disabilities, and students in special circumstances. A grant is money that you don't have to pay back ? however, it is important to know that if you receive more funding than you are eligible for, you could have a grant overpayment.

Common reasons for a grant overpayment include:

? A change to your start or end dates. ? Your costs and/or resources change

during the school year. ? You drop from full-time to part-time studies. ? You withdraw from school.

A grant overpayment will result in your grant being converted into a loan ? and these loan dollars must be repaid.

Grant Overpayments

A grant overpayment will result in your grant being converted into a loan ? and these loan dollars must be repaid.

Repayment

Once your Alberta Student Loan 6-month grace period ends and the Canada Student Loan 6-month Non-Repayment period ends, you must begin making payments.

Repayment assistance is also available to students who need help repaying their loans. For information about repayment and the different interest rates charged on Alberta Student Loans and Canada Student Loans, visit:

? studentaid.alberta.ca/repaying-your-loan ? studentaid.alberta.ca/interest-rates

RepaymeSntIttuPaHdyseatonnTtdhiLnbkooAhaoenakd!

Student Loan Repayment Handbook

Learn how you can prepare for loan repayment: studentaid.alberta.ca/repaying-your-loan

4 Student Loans & Grants Funding Guide

Study Permits

Students with a study permit are not eligible for financial assistance from Alberta Student Aid.

Eligibility for Loans and Grants

You must:

? Be a Canadian citizen, Permanent Resident or have Protected Person status (including Convention Refugee).

? Be a resident of Alberta (see Application Quick Tips, Page 18, #3).

? Have a calculated need. ? Be enrolled as a full-time student taking

a minimum 60% of a full course load at an approved post-secondary institution or 40% of a full course load if you are a student with a documented permanent disability. Post-secondary institutions determine fulltime and part-time course loads. Ask your school how many courses they consider to be a full-time course load.

Lifetime Loan Limits

The Lifetime Loan Limits shown in the chart refer to the amount of combined Alberta plus Canada student loans you can have outstanding at any time. This includes loans for your current program and any previous programs of study. For example, if you enter a graduate program after completing an undergraduate degree, your maximum student Lifetime Loan Limit for both degrees is a total of $100,000.

Students may still receive Canada student loan funding of up to $210 per week for subsequent periods of study after the Lifetime Loan Limits shown in the chart have been reached.

Lifetime Loan Limits

Undergraduate Programs including Certificate, Diploma, Bachelor's Degree, and Journeyman Certificate* Dental Hygiene Pharmacy Graduate Programs MBA Doctoral Programs Law Chiropractic Medicine Dentistry Medicine Optometry Veterinary Medicine

Canadian Dollars (CAN$)

75,000

85,000 100,000 100,000 125,000 125,000 125,000 175,000 175,000 175,000 175,000 175,000

*Up to $60,000 for either Commercial Aviation Training (maximum of $15,000 for each of four approved fixed wing training components), or for Commercial Helicopter Training.

Lifetime Loan Limit = The total amount you can owe at one time

If you repay some or all of your loans, you may be eligible to receive additional loans up to the maximum for your specific credential or program of study.

In some cases, you may be eligible to receive additional funding beyond the standard Annual Loan Limits and Lifetime Loan Limits. Details can be found in the Loan Limits section of the Alberta Student Aid Operational Policy & Procedure Manual.

Student Loans & Grants Funding Guide 5

Loans and Grants Details

Provincial and Federal Loans

Annual Loan Limits

The standard Annual Loan Limit in combined Canada and Alberta student loans is: ? $7,500 per semester* ? $15,000 for two semesters* ? $22,500 for three semesters*

There is also funding available for students pursuing commercial aviation or helicopter training. For more information, read and complete the Commercial Aviation Training Form.

For more information on loan limits for specific programs, refer to the Alberta Student Aid Operational Policy & Procedure Manual.

For information on how to submit your documents, see page 28.

Provincial Grants

Maintenance Grant

Up to $3,000 per semester* for students with special circumstances such as: ? Single parents ? Married/common law students with a

dependent child under 12 months ? Married/common law students whose spouse/

partner cannot work (e.g. for medical reasons) ? Students with maintenance payments ? Students who are financially responsible

for a parent

6 Student Loans & Grants Funding Guide

* Determining Annual Loan Limits

? A one-semester period is 1 - 4 months ? A two-semester period is 5 - 9 months ? A three-semester period is 10 - 12 months

Students in professional programs may be eligible for additional loan funding. Details can be found in the Loan Limits section of the Alberta Student Aid Operational Policy & Procedure Manual.

Alberta Low Income Grant

(see chart on page 7)

$250 per month of study for eligible students from low-income families in undergraduate certificate or diploma programs of one year or less in length.

If you are a dependent student, you will need to complete Part B of Schedule 1: Parental Information with your parents' (including step-parent) information.

Canada Student Grants

Students with Dependants

(see chart on page 7)

Students who meet the eligibility requirements for low-income federal funding may qualify for a grant if they have dependent children under the age of 12. The grant is $200 per month of study for each child younger than 12 at the start of the school year.

Students will also receive the grant for any dependent child who is 12 years of age or older and has a permanent disability that requires special daily care.

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