Cashing Your Loans
CASHING AND RECEIVING YOUR STUDENT LOAN:
Before you can receive any student loan or grants, you need to complete your Master Student Financial Assistance Agreements (MSFAAs). The MSFAA is a one-time legal agreement between you and your loan provider. There are seperate loan agreements for Alberta and Canada loans.
You will receive a loan agreement in the following situations:
- The first time you apply for full-time post-secondary funding,
- If you have had previous and return to school after a break of 2 years or more, or
- You have had previous funding from another province
Once the student loan application is approved you will need to log back in to your SIAMS account and follow the instructions:
- Completing Your Alberta Student Loan Agreement
- Completing Your Canada Student Loan Agreement (issued before April 3, 2018)
- Canada student loan agreements issued after April 3, 2018 must be completed electronically. You will receive a letter with instructions for this process. Check your Student Aid inbox.
Submit Your Loan Agreements to Canada Post
Correcting Information on your MSFAA
If your name, date of birth, or Social Insurance Number, are incorrect on your loan agreement, you need to contact the Alberta Student Aid Service Centre to determine how to correct your information and request new loan agreements.
Exception: You do not need a new loan agreement if the name on the loan agreement is not your legal name, but is a common abbreviation (for example: Bob instead of Robert), or, missing the middle name or initial.
If your address or phone number is incorrect, you can correct the loan agreement yourself:
- Cross out the old address or phone number,
- Write in the new address or phone number,
- Write your initials next to the changes, and
- Login to your Student Aid account to correct update your address or phone number.
Part-time Student Loans:
Cashing a Part-time student loan - Instructions
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.
- Normally tuition and fees will be paid directly to the school from your student loan, for the courses you are registered in at that time. However always check your balance via the Bridge as the system is not always accurate.
- 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