Students attending ACAD may be eligible for financial aid through a Provincial and/or Federal Student Loan. The following information sheets provide quick facts about the Alberta Student Loans program.
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This guide provides key options for funding your education.
A student loan is financial aid intended to supplement a student's financial resources for educational costs. A student loan is not a prize or a grant. It is a debt that must be repaid. Be sure that you understand the terms and conditions you are agreeing to under any student loan agreement.
Government loans have several unique features because they are designed specifically for students in mind:
- Loans are interest free (i.e. you won't have to make payments) as long as you remain a full time student.
- At the end of your program you may also qualify to have the Alberta government repay a portion of your Alberta Loan for you if your total debt load exceeds pre-set maximum debt levels.
- You may qualify for provincial and/or federal grants. Grants do not need to be repaid if you remain in full time studies for the period for which you are funded.
Because of these features, government student loans are considered a social program and not all students are eligible. Students are expected to contribute to their own education and utilize other resources available to them.
If you do not qualify for a government student loan, many banks offer personal student loans or student lines of credit. Unlike government student loans, these loans are based on general credit granting criteria. To qualify for these loans students generally require a co-signer (i.e. parent or guardian). Private bank loans also require regular interest payments while you are a full time student. In order to make your monthly interest payments you are encouraged to have a regular part time job.
Blended principle and interest payments begin once you cease to be a full time student. Be sure to ask if there is a "grace period" after you graduate before you have to start making your blended payments. In addition, remember to ask about interest rates while you are a student AND when you have completed your studies, these can be very different.
Application for a personal student line of credit can generally be made at your local bank or through their on-line or telephone banking services.
ACAD administers an emergency student loan program for students with exceptional or extenuating financial circumstances. These are short term loans that must be repaid in full within 30 days of receipt and are only issued for basic needs and supplies. Application for these loans should be made directly to the Assistant Registrar located in the Student Experience Office.
Students with documented disabilities, such as a Learning Disability, ADHD, Mental Health disorders, or other may be eligible to receive supplemental Grant funding. These Grants, administered by Student Finance are linked to the Student Loan application. In some instances Grants may replace a portion of the Loan – decreasing the amount of debt a student will carry from year to year.
In some instances, and based on the supplemental application, Grants can be issued to provide funds for supportive learning services, such as tutoring, academic strategy, note taking, supportive software and other goods & services.
For details on the Grant programs, please contact:
Paul Szymanowski | Manager, Learning Assistance Resources
403.338.5513
paul.szymanowski@acad.ca
Pat Jordhoy or Bonnie McCauley
403.284.7634
registrar@acad.ca
Student Experience/Registrar’s Office