Student Loan Repayment Options

Paying back your student loans needs to be one of your top priorities once you graduate. Based on your personal or family budget, no rx you’ll need to decide how to incorporate your monthly loan payment so that it just becomes another bill you pay. There are many ways to make sure your student loan repayment plan doesn’t feel like too much of a burden. You may want to apply for interest relief or might opt for reducing your monthly payment, order which will spread your repayment over a greater number of months. There are many ways that you can make your repayment plan work for you.

Consistently paying back your student loan will save you a lot of trouble down the line. If you default on your loan, you could face additional interest charges, loss of future student loan and grant assistance, collections, a bad credit rating and loss of future Income Tax Refunds and GST Rebates.

Repayment Options in Alberta

In Alberta, students have a number of options available to them to ensure they pay back their student loans. Check out these Alberta-specific student financial aid options. From tips on money management and budgeting for students to information about repaying student loans, debt management tools and repayment assistance programs, this handy resource will benefit students, graduates and their parents.

Repayment Assistance Plan (RAP)

The Repayment Assistance Plan, available for both Alberta and Canada student loans makes sure your monthly payment is in sync with your income and family size. You can apply anytime during your repayment term.

If you qualify, a reduced monthly payment will be set for six months, based on your income. Depending on your situation, you may not need to make a payment at all for some months until your situation changes.

Completing one RAP application will ensure you are considered for benefits on both your Canada and Alberta student loans. If you meet the program criteria and would like to apply, contact Student Aid Alberta to get started, or access the Repayment Assistance Plan Application.

You could be eligible for RAP if:

  • you are currently repaying an Alberta or Canada student loan
  • your monthly payment amount is not in sync with your income or family size. Use the Repayment Assistance Plan Estimator to see if you might be eligible.
  • your student loans are in good standing For Canada student loans, you must also be living in Canada. If you are behind on your payments, you can ask for a reduced payment to be back dated for up to 6 months. You can also ask to capitalize your interest charges by 3 months in order to help keep your loans in good standing.