Full-time Student Loan Funding

Student loans are sponsored by the Government of Canada and your provincial government.

Top 12 questions about full-time government student loans

  1. Who can apply for government student loans?
  2. When should I apply for government student loans?
  3. How should I apply for government student loans?
  4. How can I get help with my student loan application?
  5. How long will it take to be approved?
  6. How much will I receive?
  7. Will I receive government grants and bursaries?
  8. I didn’t get enough Government funding. Now what?
  9. How do I pay / defer my tuition with a student loan?
  10. What happens if I drop a class or withdraw from studies?
  11. How do I repay my student loans?
  12. How can I keep my loans in interest-free status while I’m in school?

1. Who can apply for government student loans?

  • You must be a Canadian citizen or permanent resident (Landed immigrant). International students should visit the International student page for more information on how to fund their education.
  • You must be enrolled in at least 60% of a full course load in a post-secondary program of study that leads to a degree, diploma, or certificate.

At Mount Royal, 60% of a full course load for the fall and winter semester is normally equal to at least three college-level courses and a minimum of nine credits each semester.

Students with a documented disability may be eligible to receive full-time funding while studying at a reduced course load. For more information on studying at a reduced course load, please see Accessibility Services.

OR

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2. When should I apply for government student loans?

You can apply at any time of the year but it is in your best interest to apply well in advance of your school start date.

It’s generally recommended that students apply before June 30 for September study – especially if you need to use your student loan to defer or pay your tuition fees, prior to the tuition fee deadline.

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3. How should I apply for government student loans?

Students attending Mount Royal on a full-time basis normally apply for student loans through their home province.

Alberta Residents

Non-Alberta Residents:

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4. How can I get help with my student loan application?

Applying for student funding can be an overwhelming task.

If you are having problems filling out your application, or you would simply like someone to review your application before you submit it, you are welcome to call or stop by the Student Awards and Financial Aid Office.

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5. How long will it take to be approved?

If you have applied for a full-time student loan through the province of Alberta:

  • A paper application could take four to six weeks to be approved.
  • If you apply online you may see the results of your assessment immediately.

If you have applied for a full-time student loan through another province:

  • A paper application could take six to eight weeks to be approved
  • An online application could be much quicker (if applicable)

After your application has been processed, you will receive a Notice of Assessment in the mail telling you if you are eligible to receive funding and the amount of the funding. If you are denied funding, it will outline the reason(s).

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6. How much will I receive?

Your allowable expenses - your resources = your assistance

The best way to figure out how much student loan funding you might qualify for is to submit an application.

You can get a rough estimate of how much you might qualify for, prior to submitting an actual application by visiting CanLearn’s Student Loan Estimator.

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7. Will I receive government grants and bursaries?

When you submit an application for a full-time government student loan, you will automatically be assessed for the grants and bursaries offered by the federal and provincial governments as part of the student loans program.

For more information on what kinds of grants or bursaries are offered through your provincial loan program, visit the appropriate provincial loan page province or territory of residency page.

Additional grants are available through government student loan programs for students who have exceptional education related costs due to their disability. You should investigate the student assistance programs offered through Alberta Students Finance, or if you do not live in Alberta, through your province or territory of residency.

If students wish to apply for other types of scholarships or bursaries, they should visit the Scholarships & Bursaries page for more information.

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8. I didn’t get enough government funding. Now what?

Depending on your circumstances, you may want to appeal your student loan and request additional funding to help you cover your expenses.

If you feel like you haven’t been fairly assessed or have had a change of circumstances since your application, contact the Student Awards and Financial Aid Office to have someone review your original assessment and help you prepare an appeal.

If you don’t receive enough government funding, or you don’t qualify for government funding at all, may want to look into securing a Student Line of Credit through a bank.

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9. How do I pay / defer my tuition with a student loan?

If you have been approved for full-time government funding, you are responsible for ensuring the Student Awards Office has been notified of your loan assessment prior to the fee deadline.

If you have been approved for a student loan:

  • you must provide proof that you’ve been approved by bringing in your Notice of Assessment or faxing it to the Student Awards Office.
  • you can check if the tuition has been deferred by logging into MyMRU and going to the following screens
    • Online Services - Registration
      • Add / Drop Classes
      • Student Schedule Bill
  • - OR -
    • Online Services - Pay Fees, Pay Deposits and Account Summaries
      • Pay Tuition by Credit Card (Credit Students)

If you have not been approved for a student loan:

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10. What happens if I drop a class or withdraw from studies?

If you withdraw from studies or drop to part-time status before the end of the academic session for which loan assistance was granted, your future disbursements will be cancelled.

The Student Awards and Financial Aid Office is required to notify your provincial Student Finance Office that you have withdrawn.

If you are thinking of dropping or withdrawing to part-time status please contact the Student Awards and Financial Office to discuss how it will affect your government funding.

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11. How do I repay my student loans?

As a borrower, you are responsible for repaying your student loan; principal and interest, Your lender will notify you of the terms, payments and conditions of your student loan within six months after you stop being a full-time student.

You have a six month grace period before you are required to start making payments after you cease being a full-time student. However, interest starts to accrue on the outstanding balance of your provincial and federal student loans during this six month period. You have the option of paying the interest or capitalizing it on the balance owing.

If you do not receive repayment information within the six months after you stop being a full-time student, you should advise your lender and ensure they have your current address on file.

If you have trouble making payments there are options. You may be able to negotiate different repayment options.

It is important that you communicate with all of your lenders to ensure your loans remain in good standing. If you wish to contact your lender, please see the Lender Contacts page.

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12. How can I keep my loans in interest-free status while I’m in school?

While you are enrolled as a full-time student, your government loans are interest-free – as long as your lender knows you are full-time.

If you will be enrolled as a full-time student and will be receiving a government student loan,

  • once you cash your current student loan(s), your previous loans will automatically be put into back into interest-free status if you cash your current student loan within your six month grace period.
  • you should not have to complete a confirmation of enrolment form unless you have previously cashed a government student loan issued by another province.

If you will be enrolled as a full-time student, but will not be receiving another student loan:

  • it is your responsibility to have the Student Awards and Financial Aid Office complete the appropriate confirmation of enrolment forms for you to send to all of your previous student loan lenders.
  • The confirmation of enrolment forms can only be filled out one semester at a time and interest-free status will run out at the end of the semester. Therefore, it’s important that you complete new confirmation of enrolment forms each semester – prior to the last day of classes.
  • Confirmation of enrolment forms must be completed by the Student Awards and Financial Aid Office.

Once your previous lender receives the confirmation of enrolment form(s) they will extend the interest-free status on your student loan.

Completing the correct confirmation or enrolment forms and getting them to the correct lenders on the correct dates is a very important step in keeping your loans in good status and avoiding going into repayment status before you need to.

Required forms

If you have prior government student loans through Alberta, you will need to request:

  • a Schedule 2 for your federal loan, and
  • a Form B for your provincial loans

If you have prior government student loans through another province, you will need to request:

  • a Schedule 2 for your federal loans, and
  • the appropriate confirmation of enrolment form for your provincial loans

 

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Questions about your student loan? Chat live with a Financial Aid Advisor Tues. 10-11:30a.m. and Fri. from 2:30-4p.m. To contact us outside of chat hours, call 403.440.6223.