Understanding Financial Aid.

1. What are the different types of loans available to students?

Generally, if you are a full-time student in Alberta and submit an application to Alberta Student Aid, you can be eligible to receive two types of loans under the following:

• Alberta Student Aid

• Canada Student Financial Assistance Program

For both loans, only one application needs to be submitted to Alberta Student Aid. Upon submission, both Alberta Student Aid and Canada Student Financial Assistance Program will automatically assess the eligibility of a student based on costs and resources. The following formula is used to determine eligibility:

Calculated Need = Allowable Costs – Resources.

In addition to student loans, you may be considered for grants, scholarships and awards to help you pay for your education. For more information on these, please see resource provided in the Links and Resources section below.

2. How to apply for a student loan?

Please follow the following steps to apply for student loans and grants:

• Determine whether you are a full-time or part-time student as eligibility for loans can change based on the type of student you are. At NWC, we will inform you if you are a full-time or part-time student.

• Review types of full-time student aid and types of part-time student aid along with the Student Aid Estimator to determine what you are eligible for.

• Gather information for your student loan application. The application requires extensive documentation which must be provided at the time of application to avoid delays in receiving student aid. Details on information required can be found in the “How to Apply” webpage for Alberta Student Aid. A link to this webpage can be found in the Links and Resources section below.

• Create your Student Aid account. Information on how to create a Student Aid account can be found in the “How to Apply” webpage for Alberta Student Aid.

• Complete application. For full-time students, the application must be submitted online via their Student Aid account. For part-time students, the part-time application for must be completed and instructions on the form should be followed to submit the application. The part-time application form can be found on the “Application and Forms” webpage of Alberta Student Aid. A link to that webpage can be found in the Links and Resources section below.

• Depending on your personal situation, additional forms may be required. Please see the “Application and Forms” webpage to determine if these apply to you.

• Once your application is submitted, Alberta Student Aid will contact you within 45 days. At times, this timeframe can increase due to high volume of applications.

• The final step of received student aid is the completion of loan agreements sent to you for your student loans. In addition to you completing the loan agreements, the institution (NWC) will confirm that you are registered in the program stated in your application.

Once all of the steps mentioned above are completed to the satisfaction of Alberta Student Aid, you will receive the money for your education. For more information about this stage of the process please see the “After you are approved” link in the Links and Resources section below.

3. How does the repayment of student loans work?

Repayment of student loans:

When you are done with your education, you will most likely have two student loans: Alberta Student Loan and Canada Student Loan. Both loans need to be dealt with separately with the respective lenders. Your Alberta loan is managed through Alberta MyLoan and your Canada loan is managed through the National Student Loans Service Centre (NSLSC) Online Services.

You will need to make accounts on both of these websites to manage your loans and repayments. Links to these websites can be found in the Links and Resources section below.

Depending on the type of loan you have, different terms and conditions apply. For complete details on the terms and conditions that apply in your situation, please refer to the “Repaying your student loan” webpage on Alberta Student Aid’s website. A link to that webpage can be found in the Links and Resources section below.

Repayment Assistance Plan (RAP):

If you are facing difficulty making payments for your student loans, you may be eligible for a repayment assistance plan, provided that you are currently repaying an Alberta and/or Canada Student Loan, and your loan(s) are in good standing. For additional eligibility requirements and how the RAP system works, please refer to RAP Eligibility & Procedures webpage that is referenced in the Links and Resources section below.

If you are eligible, your monthly loan repayments will be reduced according to your financial situation. There are two stages to RAP:

1. RAP Stage 1

• Lasts for up to 60 months within the first 10 years after you leave school.

• Intended to help with temporary repayment difficulties.

• Monthly payments reduced.

• Government pays your interest.

2. RAP Stage 2

• Available to borrowers who have been on RAP for over 60 months or have been repaying their loans for over 10 years.

• Intended to provide long-term relief with ongoing difficulties.

• Monthly payments reduced.

• Government pays your interest and your principal.

You can apply for assistance through RAP anytime during your repayment period for up to six (6) months at a time. If further assistance is needed, you must re-apply every six (6) months. Please see below for how to apply for RAP based on your circumstances:

If you have Canada loans, or Canada and Alberta loans, please submit a single RAP application online through your NSLSC account.

If you have only Alberta loans Contact the Alberta Student Aid Service Centre to discuss your situation

If you have a disability If you have Canada loans, or Canada and Alberta loans, submit a RAP for Borrowers with Disabilities application through your NSLSC account.

If you only have an Alberta loan, contact the Alberta Student Aid Service Centre to discuss your situation.

If you are residing outside of Canada You don’t qualify for RAP for your Canada loans. You can still apply to Alberta by contact the Alberta Student Aid Service Centre.

4. Links and Resources:

Contact – Alberta Student Aid

2025-2026 Operational Policy & Procedures | Alberta Student Aid

Scholarships | Alberta Student Aid

Eligibility requirements for full-time students | Alberta Student Aid

Eligibility requirements for part-time students | Alberta Student Aid

Types of full-time student aid | Alberta Student Aid

Types of part-time student aid | Alberta Student Aid

Student Aid Estimator - Canada.ca (esdc.gc.ca)

How to Apply | Alberta Student Aid

How to Create a Student Aid account

Application and Forms

After you are approved

Alberta Student Aid – MyLoan

NSLSC

Repaying your student loans

Repayment Assistance Plan (RAP)

RAP Eligibility & Procedures

RAP Application