Maintaining Interest-Free Status and Repaying Your Loan

Interest Free Status:

• If you are returning to full-time studies and not taking out another student loan you must notify the National Student Loan Service Centre and Edulinx that you have returned to full-time studies.
• A Schedule 2 for Canadian loans and a Form B for Alberta loans are obtained and filled out by the Student Access Centre on the 1st floor of the Administration Building.
• These forms can only be filled in by the Student Access Centre when the student is currently in full-time classes.
• Completed forms need to be mailed or faxed to the appropriate lenders.
• Call the lenders after two weeks to ensure that they received confirmation of enrollment.
• Failure to notify lenders of full-time status can result in the student's loans entering repayment.

Loan Repayment:

• Interest begins to accrue on Canada and Alberta Student Loans as soon as the study period is completed. Six months later, the first payment on the loans is expected.

Repayment Assistance Program (RAP):

This program is designed to help students experiencing financial difficulties in repaying their Canada Student Loans. As of November 1, 2010 the Repayment Assistance Program is available for Alberta Student Loans as well.

Under RAP:

• No student will repay Canada Student Loans for longer than 15 years.
• Students will have to start making payments after their grace period ONLY if their gross annual income exceeds $20,210.
• Payments will not exceed 20% of their income.
• Payments will be applied to loan principal first - the Government of Canada or the Government of Alberta will pay any unpaid interest.

Students must reapply and qualify for RAP every 6 months. You can apply for RAP at any point during your repayment period.

To apply for RAP or find out if you're eligible, contact the National Student Loan Service Centre or Edulinx.