Student Loans

Eligibility requirements for full-time student loan/grant funding

In order to qualify for a full-time student loan (government funding):

• You must be a Canadian citizen or permanent resident (landed immigrant) or have Protected Person status under Canada's Immigration and Refugee Protection Act. If you have a study permit please visit the International Students page for more information on how to fund your education.
• You must be enrolled at least 60% of a full course load in a post-secondary program which leads to a degree, diploma, or certificate or one of our Occupational Diplomas & Certificates through the Faculty of Continuing Education.
• At Mount Royal, 60% of a full course load for the fall and winter semester is normally equal to at least three university-level courses and a minimum of nine credits each semester.
• Open Studies is not recognized as leading to a credential. While in Open Studies you are only eligible to receive student loan funding for twelve cumulative months. You also need to know that time spent in Open Studies will count as the first year towards your intended program for loan purposes.

If you are enrolled in less than a full-time course load, as outlined above, learn more about part-time student loan/grant funding.

Aviation students taking flight training components at MRU are now eligible for loan funding, contact financialaid@mtroyal.ca for more information. The Aviation Training Form is a requirement for funding. 

 

How to apply

 
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. 

 

Frequently asked questions

When should I apply for 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 the end of your study period, Alberta Student Aid will only process your completed application if it's received at least 30 days before your session end date.

How long will it take to be approved?
Alberta Residents: 

• 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.

Non-Alberta Residents:

• 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).

How much will I receive?
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:

Education and Living Costs - What You Contribute = Your Financial Need

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.

Will I receive government grants?
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.

How do I get my money?
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, and
3. You are within one 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.

I didn't get enough government funding. Now what?
Depending on your circumstances, if 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 Registration 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.

 

How do I pay/defer my tuition with a student loan?
To be considered for a deferral before the fee payment deadline, you must confirm with the Registration and Financial Aid office (Room A101) that you will receive 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 charges 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>Register & Pay> Pay fees>Pay now. Select the payment term that you wish to view. If your tuition has been deferred you will find it under the type column as Expected Future Funds. The amount displayed under the Payments Column for Government Student Loans, Scholarships & Bursaries will be the amount that your tuition is deferred. Learn more about how to read your account.

If you have not been approved for a student loan it may be possible to have your tuition conditionally deferred if you have applied for government funding by contacting the Registration and Financial Aid Office before the first fee deadline.

 

What happens if I drop a class or withdraw from my studies?
If you are considering dropping or withdrawing to less than full-time status please contact the Registration 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 semester, 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 six months after you cease being a full-time student.

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

 

How can I keep my loans interest-free?
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 previous student loans are automatically put back into interest-free status.

If you are full-time, 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 must request the appropriate confirmation of enrolment form(s) from your provincial student aid office.

 

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

You have a six-month or twelve-month grace period depending on the loan 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 twelve months before you begin repaying. This means you will have twelve months of interest-free Alberta Student Loans with no payments required
• Canada Student Loans: Canada Student Loan will not charge interest on your loan for the first six months before you begin repaying. This means you will have six months of interest-free Canada student loans with no payments required.

The Repayment Assistance Plan, available for both Alberta and Canada student loans ensures your monthly payment is in sync with your income and family size.

 
How can I get help with my student loan application?
If you are having problems filling out your application, or if you would like someone to review your application before you submit it, you are welcome to call or stop by the Registration and Financial Aid Office.