Student Loans

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

Applications are usually available early to mid June and it is best to apply well in advance of your school start date.

 
If you are nearing your end of study period, Alberta Student Aid will only process your completed application if it’s received at least 30 days before your session end date.  

Alberta Residents
  • Apply online at Alberta Student Aid 

    Non-Alberta Residents:

    • If Alberta is not your home province, but you are interested in attending Mount Royal, you should investigate the student assistance programs offered through your province or territory.

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

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

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

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

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).

Alberta Student Aid and the Canada Student Loans Program calculate your eligibility using a Financial Need formula that compares your costs with your resources. The formula is:

Your assessed Financial Need is then compared with the student aid Loan Limits allowed for your study period. The lesser of these two amounts is what you are eligible to receive.

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

For more information on what kinds of grants are offered through your province or territory, visit the student assistance program offered through your  province or territory.

You will receive your loans and/or grants when.....

  1. You have completed your loan agreements if you are a first time borrower.
  2. Your school has confirmed your registration.
  3. You are within 1 week of starting school.
Your loan agreements(s) are called master Student Financial Assistance Agreements (MSFAAs). These agreements are a one-time agreement between you and your loan provider. There is a separate loan agreement for Alberta and Canada student loans so if you are approved for both loans you will have to sign two agreements.  

Depending on your circumstances, your living or education costs are higher or your family or personal situation has changed, you may want to request additional funding to help you cover your expenses. If so, submit a Request for Reconsideration.

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 believe your circumstances are unique and warrant consideration please include supporting documentation.

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

In order to have a deferral prior to the fee payment deadline, you must confirm with Student Awards and Financial Aid office (Room E102) that you will be receiving government funding. Once a loan is signed by the University, payment of fees for any courses that are then added (e.g. waitlist or program adjustment) is your responsibility. If any changes remain outstanding on the fee payment deadlines, you will be deregistered from all classes.

You can check if the tuition has been deferred by logging into MyMRU and going to the following screen Click Register & Pay

  1. Click Detailed fee information
  2. Click Student at the top of the page
  3. Click Pay Fees, Pay Deposits and Account Summaries
  4. Click Pay Fees (Credit Students)

If you have not been approved for a student loan:

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

If you have applied for funding for the fall and winter semesters and drop/withdrawal to part-time status before the end of the fall academic session, your future disbursements will be cancelled and you will have to reapply for funding for the winter semester.

If you received grant funding, your grants may be converted to loans.

You will go into repayment 6 months after you ceased being a full-time student.  

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

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 are full-time and are receiving student loans, once they are cashed your previously student loans are automatically put back into interest-free status. 

If you are full-time and have previous student loans, and are NOT receiving student loans this year, you'll want to let your lenders know so your loans can remain interest-free with no payments required.

  • If you only have Alberta student loans, complete the Confirmation of Registration - Reinstatement (Form B) within 30 days of your period of study start date, 
  • If you have both Alberta and Canada student loans or only Canada student loans Use the NSLSC's Online Services to submit a Confirmation of Enrolment request online,
  • If you have prior government student loans through another province, you will need to request the appropriate confirmation of enrolment form(s) from your provincial student aid office. 

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. Please notify your lenders if any of your contact information changes.

You have a six month grace period before you are required to start making payments after you cease being a full-time student.

  • Alberta student loans ….. Alberta Student Aid will not charge interest on your loans for the first six months before you begin repaying. This means you will have six months of interest-free Alberta student loans with no payments required
  • Canada student loans….. Interest on your Canada student loan starts accumulating just after you stop studying full-time. You'll start making payments six months later.

 

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.