Are alberta student loans interest free?
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Loans are interest-free, and you don't need to make payments. Interest is added to your loan balance monthly. Repayment begins. A monthly repayment schedule is set up for you automatically.
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Parental leave: If you’re taking a break from full-time or part-time studies for parental leave, you can have interest-free status on your Alberta loans.
If you’re a full-time student with previous Canada or Alberta student loans and you’re not receiving student aid this year, your registration must be confirmed to keep your loans in interest-free status. You will not have to make payments or accrue interest while you are in school full-time.
A student who takes a break from full-time or part-time studies for parental leave may apply for interest free status on their Alberta Student Loans. The interest free status lasts up to a maximum of 12 months from the last day of attendance. Person on parental leave means: a parent (whether by blood or adoption)
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. During your grace period, there is no interest on your loans.
A 17% tax credit is available on the interest portion of Alberta Student Loan and Canada Student Loan payments. Service providers will provide borrowers with statements summarizing interest payments. Borrowers may contact Canada Revenue Agency for information about interest payment tax credits.
Interest free status is available in the following situations: While in part-time studies, students can have their outstanding Alberta Student Loans and their outstanding Part-Time Canada Student Loans placed in interest free status.
Keep your loan interest free. If you're a full-time student with previous Alberta or Canada student loans and you're not receiving student aid this year, your registration must be confirmed to keep your loans in interest-free status.
If you are returning to school part-time and already have Alberta student loans for full-time studies, you can return them to interest-free and payment-free status by notifying your lender of your part-time status [pdf].
Interest and payments As long as you are a registered apprentice your current and previous Alberta student loans remain interest-free for the duration of your apprenticeship, including technical and on-the-job training. During this time you do not have to make payments on your loans, and they will not gain interest.