One of the most important factors to remember about repaying your student loan is to check into your account with the lender. By managing your loan repayment actively, you’ll be better equipped to handle your debt and pay your loan off faster.

We recommend that you watch this 2 minute video to better understand repayment options and services. 

  • Alberta borrowers can manage the provincial portion of their loans at Student Aid Alberta.
  • Canada student loan borrowers (and most other provinces) can use  or National Student Loans Service Centre. (This web page also offers an 'instant answer' box, for a variety of frequently asked questions such as making lump sum payments, how to log in, and so on.)
  • It is in your best interest to stay on top of your repayment situation as failing to do so may damage your credit rating and make any future loans very difficult. 

You also need to ensure that all of your contact information (and bank account information) is current with your lender(s). If you are funded by an integrated province (like Saskatchewan), you will only need to update your information once. If you have received separate funding from your province and the federal government, you will need to ensure that both lenders have up-to-date contact information.

Grace period

After you graduate, or once you decide to call your educational journey complete, your student loan enters a grace period. During this time, you do not need to make any payments and your loan does not accrue interest. 

Effective April 1st, 2023, the Government of Canada has permanently eliminated the accumulation of interest on all Canada Student Loans including loans currently being repaid. You continue to be responsible to pay any interest that may have accrued on your loan before April 1, 2023.

As of July 2023 Alberta Student Loan borrowers have a 12 month interest/payment-free period. 


Interest rates

The (floating) interest rate on Alberta loans is the current prime rate. Alternatively, you can lock in at prime rate plus two per cent.

Again, Canada Student Loans are now interest free for those who are borrowing since then; those who were in repayment prior to April 1, 2023, must still pay the interest that had accrued until the new policy was imposed.

If you have questions about repayment, contact us at

Following the grace period(s) you are required to make monthly payments. 

With interest-bearing loans, the longer your repayment period, the more your loan costs you over time. So anything you can do to speed things up is to your benefit. Consider these options:

  • Make payments before your grace period ends.
  • Increase your monthly payments - even by just $10 or $20.
  • Change your payments from monthly to biweekly.
  • Make lump sum or one-time extra payments at any time.

Keep in mind that if you have both provincial and Canada student loans, you will be required to make two payments. 

Renegotiating your payments

If you have any trouble with payments, contact your lenders immediately. 

Never miss a payment. Doing so seriously affects your credit rating and will make future loans of any kind very problematic. There are programs that can help with almost any circumstance.

You can renegotiate your repayment terms anytime. 

Use your online account or contact Student Aid Alberta at 1-855-606-2096 and select option 3. 

For Canada student loans, contact the National Student Loans Service Centre at 1-888-815-4514.