When it comes to student aid, Alberta is recognized as one of the most generous provinces in Canada.
With this in mind, it’s no surprise that thousands of Canadians flock to the province every year, hoping to pursue their post-secondary education at an affordable rate.
In this guide, we’ll cover everything you need to know about Alberta Student Aid, including eligibility requirements and sources of funding.
All designed to help you afford your education while also helping you make the most of your time as a student!
Introduction To Alberta Student Aid
Alberta Student Aid (ASA) provides a variety of resources and programs designed to help Alberta students.
Whether you are just starting university or returning for another year, ASA has ways for you to cover your educational costs and make your tuition more affordable.
This guide will walk you through what these programs are, how they work, and whether they could help pay for your studies.
What Does This Mean?
To make it easier for people outside of Alberta, Canada to understand and find out about how they can apply for Alberta student aid, we decided to put together a comprehensive step-by-step guide outlining some of the most important aspects.
In Alberta, getting financial help while in school is more than just applying for government-funded student loans and grants.
There are additional resources available from government organizations, non-profit organizations, and even from your university or college.
There are certain terms that will come up again and again when talking about student aid in Alberta (in Canada), so let’s go over what some of them mean.
Alberta Government Loans: These are loans given by the Alberta provincial government to eligible students who meet specific criteria.
You must first apply for these through Alberta Student Aid before being able to take advantage of them.
The amount you receive depends on several factors, including your family income, whether or not you have children, etc.
Alberta Grants: Grants are similar to loans, but instead of having to pay back money later on like with a loan, grants do not require repayment at all!
The main difference between a grant and a loan is that grants usually don’t have interest rates attached, which means no interest accrues during studies as long as payments aren’t late.
Grants also usually do not require credit checks, unlike many other forms of financial aid.
You May Also Like How to Get the Most Out of Student Aid NL
Alberta Bursaries: Bursaries are basically grants that don’t require any repayment once you graduate and get a job.
They are often awarded based on merit or academic achievement rather than financial need.
Alberta Work Study Programs: These programs give students an opportunity to work part time while attending school full time in order to earn extra money for living expenses such as rent, food, books, and transportation costs.
Your employer might be your university or college itself or another business within Alberta where there is an agreement between them and Alberta Student Aid allowing employers to hire students under these programs.
Many non-profit organizations throughout Alberta offer scholarships and bursaries to students with varying amounts depending on what organization they’re from.
Some may only award their scholarship to one person each year, while others may award multiples each year.
It’s important to remember that these awards are given out completely independently of Alberta Student Aid, so if you’re looking for funding, it’s best to check both places because you never know what kind of money might be available.
Alberta University Scholarships & Awards: Each university in Alberta has its own set of scholarships and awards offered exclusively through their institution.
Eligibility
Federal and provincial student financial assistance programs vary by province.
The federal government provides financial assistance through direct loans, while most provinces have an aid program that assists students with high tuition fees.
To be eligible for provincial grants, students must file a Canadian income tax return and declare themselves as students in good standing (full-time enrollment or part-time with reasonable academic standards).
All recognized schools in Canada are free to operate and are funded by government contributions (at different levels).
All registered schools are required to apply for recognition from their respective provincial governments.
If you attend a university or another post-secondary institution but aren’t sure about your eligibility for aid or other funding opportunities, contact your school’s financial aid office and explore options before registering.
As mentioned above, not all universities charge full tuition fees. As well, not all universities are public institutions.
Some private colleges offer lower costs than public institutions because they receive some funding from corporate sponsorships or alumni donations, but these scholarships may come with specific requirements and restrictions.
Students should review their degree plans carefully to ensure they can meet these criteria prior to applying for any awards or bursaries that require them.
Also note that not all bursaries require applications; some will automatically pay out based on certain criteria, such as citizenship status or course of study.
Keep track of deadlines so you don’t miss out on available funds!
Requirements
There are two main types of student financial aid available in Canada: government and non-government.
The former is administered by provincial governments, while the latter is offered through independent organizations.
Unlike loans, which must be repaid with interest, grants and bursaries don’t require repayment upon graduation. Here are some other things to consider before applying for student aid.
All Canadian students who have lived in their province for at least 12 months prior to enrolling in a post-secondary program are eligible for provincial assistance.
The amount of money awarded depends on a number of factors, including family income and assets (if applicable), as well as your age when you begin school.
If your parents make more than $160,000 per year (as a single tax filer) or $320,000 per year (for joint filers), you won’t qualify for assistance from either level of government—though there may still be ways to fund your education if you can prove that it will help lift your family out of poverty or save them from bankruptcy.
For example, several universities offer merit-based scholarships to those whose families fall into these high-income brackets.
These awards aren’t based on financial need but rather academic excellence; they typically range between $1,000 and $5,000 per year.
It’s also worth looking into private scholarships, which can cover any area of study and range from under $100 to over $100,000 annually.
Students should apply for both federal and provincial funding immediately after completing their applications for admission because many programs have strict deadlines—and most require applicants to complete paperwork within a few weeks of submitting their application forms.
How can I apply?
Students can apply for financial aid in two ways: by applying online or through one of Alberta’s financial aid centres.
Students who do not have a Social Insurance Number (SIN) should apply through one of Alberta’s Financial Aid Centres, where staff will assist them with obtaining an SIN and help them complete their application.
Once an application is received, there is a review process that takes place. The review process involves both provincial and federal criteria.
You May Also Like All You Need to Know About the CA Student Aid Commission
Due to privacy laws, students will be notified if they qualify for funding at any time during or after their studies through three communication methods: written notice in Canada Post letter mail; online on their MyAlberta account; or by phone from one of Alberta Student Aid’s customer service representatives.
Toll Free in North America
Dial:
1 855 606-2096 | Option 3
TTY Hearing impaired:
1 855 306-2240
Add International Access Code:
+800 2 529-9242 | Option 3
Students are responsible for keeping their contact information up-to-date on their MyAlberta account so they receive all communications related to student aid funding.
If a student qualifies for financial assistance, he/she must then accept or decline the offer before funds are disbursed.
Accepting or declining a loan disbursement occurs through Alberta Student Aid’s online system, MyAlberta Account.
Funds are automatically deposited into a student’s bank account as long as they have been pre-authorized by Alberta Student Aid and provided they meet our pre-authorized deposit requirements.
These requirements include making sure your bank account is in good standing with no overdrafts, NSF charges, or other unpaid fees.
What Will My Future Look Like With Student Aid in School?
The answer to that question is simple. In most cases, you’ll have more money in your pocket.
What does it mean for you? More time for classes and studying, without worrying about paying for bills and tuition! But how can students be sure they’re getting what they deserve?
There are a few things all students should know about student aid before signing up.
That’s why we want to give every student some important information as well as help them understand why student aid is so important—and how it can help their future!
We hope these few tips can help make applying for student aid easier and ensure future success after graduation!
Will I Have to Repay my Assistance Right Away?
If your schooling has ended, any remaining assistance amounts will be forgiven after three years.
If you’re still enrolled as a student, any assistance amounts won’t have to be repaid until you have completed your studies and are earning a specific income threshold amount.
As of 2015, full-time students who complete their education must earn a minimum of $25,000 per year before they begin repaying their Alberta student aid.
If you work part-time or don’t work at all for an extended period of time after graduating, make sure to file an annual report—you could face financial penalties if your outstanding balance reaches $100,000 or more.
The good news is that your total liability is capped at $50,000; any amount above that can be waived.
Keep in mind that your repayment obligations will continue for up to 20 years after you leave school (or 10 years from when you were last eligible).
As with other types of government loans, Alberta student aid payments are set on a standard 10-year repayment plan.
How Do I Choose the Right Loan or Garant?
When applying for student aid, it can be tempting to just grab at whatever money is first dangled in front of your face—but there’s a right way and a wrong way to approach your financial aid.
You don’t want to turn down an application simply because it means an extra ten minutes of work on your part, but if you select loans that aren’t well suited for your needs, those minutes could end up costing you thousands.
That’s why it’s important that students like yourself take time out of their busy schedules and learn how best to apply for assistance.
We hope that by reading through these, you’ll be able to find a loan or grant program that fits your unique situation.
How Much Money Do I Need? Before you begin applying for loans and grants, make sure you have a good idea of how much money you’re looking to get.
It doesn’t do any good to apply for $5,000 worth of assistance when all you really need is $1,500.
To get started estimating your costs, start with your school’s tuition fee information (which should have been provided to you during orientation).
Then go online and check out tuition rates at other schools in your area—and remember that while these numbers may not reflect government-subsidized prices or additional costs such as textbooks or living expenses (we might talk more about those later on), they should give you a good starting point.
Now, add up your estimated living expenses. Remember to include things like rent or mortgage payments, utilities, food costs, and transportation fees—then double that number.
You May Also Like Student Finance Wales-All You Need to Know
While we’ve done our best to account for every cost you might incur while studying, we understand that emergencies happen and sometimes things come up unexpectedly—so make sure you leave room in your budget for unexpected occurrences.
Once you have a solid estimate of how much money you’ll need each month, multiply that number by 12 months to figure out how much total funding you’ll require over the course of one year.
As a last step, divide that number by four to determine how much money you’ll need per semester.
Just remember that although having a firm grasp on your finances is critical, don’t forget to factor in some wiggle room.
If Something Happens, Can I Cancel My Application?
If you change your mind after applying for student aid, fear not.
According to Service Canada, as long as you haven’t received any funding yet, there’s nothing stopping you from dropping out of school and cancelling your application.
However, if your school has already processed a loan or grant for a semester that has passed, it won’t be able to give that money back.
Also keep in mind that once you have started receiving funds from Canada Student Loans, those payments are locked in until all conditions are met—you can’t just cancel them because something better comes along.
The same goes for grants. If all else fails, you could always drop out of school! Oh wait… that might hurt future job prospects. Sorry about that!
Whom Else Do I Need To Tell About My Application For Financial Aid?
Once you have submitted your application for financial aid, there are a number of people that need to be informed.
This includes both educational institutions as well as any other organizations that will be providing your financial aid.
You can learn more about who else needs to know about your application by following our guide below.
For example, if you are currently enrolled in one institution and would like to start attending another, it’s important that both institutions are informed so they may complete their respective processes accurately.
It’s also a good idea to inform any other organization that has contributed towards your education (e.g., work study) or will contribute in some way towards your education (e.g., Registered Education Savings Plan – RESP).
Conclusion
Applying for financial aid is an integral part of pursuing a post-secondary education.
To get ahead of your peers, it’s best to learn about all your options and apply as early as possible.
The earlier you begin researching assistance, scholarships and awards, and developing a plan for financing your education, the more prepared and confident you’ll be when it comes time to make decisions about school.
