Finished Studies-Now What?
Once you have finished your post–secondary studies, you need to repay your student loans. Learn more about:
Loan Relief Program Completion Payment
The Loan Relief Program Completion Payment is automatically awarded to qualifying students at the end of their studies. It is designed to provide you with a helping hand when it comes time to pay back your student loans and reduce your overall debt load.
To qualify, you must:
- have completed (graduated or left) full-time, post-secondary studies, and
- have an Alberta Student Loan, and
- have exceeded the minimum debt level for your program.
How is the Loan Relief Program Completion Payment Paid?
The Loan Relief Program Completion Payment is an automatic payment at the end of your studies, as follows:
- If you confirmed your final year of studies on your last Alberta Application for Financial Assistance, the Loan Relief Program Completion Payment will be paid in your final month of studies.
- If you did not confirm your final year of studies on your last Alberta Application for Financial Assistance, the Loan Relief Program Completion Payment will be paid six months after your last month of studies. You can avoid the minimum six-month waiting period by submitting an application.
The Loan Relief Program Completion Payment is applied directly to the principal you owe, then to the interest you owe, on your Alberta Student Loans at EDULINX and/or your lending institutions. If you have paid off your Alberta Student Loans in full, a cheque will be sent directly to you in the amount of your payment.
If you applied for financial assistance online at any time during your studies, you will have received an Electronic Confirmation of Financial Assistance letter to sign and return. Failure to return this letter will reduce the amount of the Loan Relief Program Completion Payment you may be eligible to receive.
Information Sheet and Examples
For complete information, read the Alberta Student Loan Relief Program information sheet. If you qualify, your payment may vary from the examples due to your individual circumstances.
Minimum Debt Levels 2008-2009
The minimum debt levels to qualify for benefits under the Alberta Student Loan Relief Program vary by program and are subject to review. The following are the minimum debt levels for students graduating in the 2008-2009 academic year:
- Private Vocational Schools (per 4 month semester): $3,570
- Diploma program (2 x 8 month year): $14,280
- Degree program (4 x 8 month year): $28,560
- Master's program: $40,700
- PhD program: $45,700
- Pharmacy: $33,560
- Veterinary Medicine, Chiropractic Study, Optometry: $54,980
- MBA: $54,980*
- Law: $58,550*
- Dentistry: $94,250*
- Medicine: $97,820*
*Students may be eligible to receive an extra semester of funding to meet their needs each year. Students who access this extra semester have an increased debt level.
|
