Cashing Your Loans
CASHING AND RECEIVING YOUR STUDENT LOAN:
Once your full-time Alberta student loan application is processed, you should receive a Notice of Assessment which provides a summary of your loan amount and disbursement dates. Students typically receive 50% of these funds in the fall and 50% in the spring. The Notice of Assessment will be mailed to your home address, along with two Master Student Financial Assistance Agreements (MSFAAs).
Before any funds can be issued (released) you must sign and return BOTH Master Student Financial Assistance Agreements (Canada MSFAA and Alberta MSFAA), even if you have only been approved for one type of funding (either provincial or federal). In most cases, this will only need to be signed once during your post-secondary studies.
The preferred submission method is through a participating Canada Post Outlet. You will need the following:
- SIN card or photocopy (front & back), or notice of assessment from income tax
- Government issued photo ID (driver's license, passport)
- Bank details (void cheque or account information)
Electronic Loan Disbursements:
When all the above conditions are met, and the school has confirmed full-time registration for the study period, you will have your loans disbursed electronically.
- Tuition and fees will be paid directly to the school from your student loan, for the courses you are registered in at that time.
- The remanining balance of your loan will be deposited directly in your bank account, OR a cheque will be mailed to you (if you did not provide your banking information).
If you are eligible for grants, you will now recieve any funds via your bank account. if you only want to be assessed for grants, complete a student loan application form on-line and at the end of the application form if you put that you require one dollar then they will asses you for just the grants.
CHANGES IN YOUR CIRCUMSTANCES
Your situation may change over time and it is important to inform Student Aid Alberta of the following:
- You need more money than you anticipated
- Higher living costs
- Recently married or separated
- Spouse/partner income changes
- Name/Address change
- Change of institution
- Changes to education costs, change of study period dates
For any of the above reasons you will need to submit a Request for Reconsideration Form (Level 1)
Once completed print and sign the form and submit it in either of the following ways:
- Return the completed form to the Scholarships and Student Finance office (AH115)
- Upload the document via your SIAMS account
- Instructions regarding eDoc Upload