Alberta Loan Relief
UPDATE: THIS ARTICLE IS NOW ARCHIVED.
ALBERTA ENDED ITS LOAN RELIEF PROGRAM JULY 31, 2012.
If you studied in Alberta, you may be eligible for Alberta's Loan Relief Program Completion Payment. This is yet another name for Debt Reduction.
Debt reduction, debt reduction in repayment, loan forgiveness, loan relief, loan remission… can't our governments agree on one name and set of rules?
But getting back to Alberta Loan Relief, you can benefit from both this and federal Debt Reduction in Repayment (DRR) if you meet requirements for both.
In recent years, Alberta's Loan Relief Program has been automatic, with amounts being taken off your debt at a set time. However, you may need to apply if you finished school in earlier years or just forgot to mark on your last loan application that you were in your final year of school.
You can still qualify if you left school without graduating. And if you've already paid all your loans but would have qualified, you can ask for a cheque to be directly sent to you.
The list below shows the minimum level of student debt you need to be considered for the Loan Relief program. It is based on your combination of Alberta and Canada Student Loans.
Your lender (NSLC, Edulinx or your bank lender) can tell you your current debt level to help you see how you match with the list below.
Note: Minimum Debt Levels vary for earlier years. They can also vary due to other factors, e.g. if you withdrew from studies or did not cash all your student loans.
Help! The actual formula to help you predict what relief you'll get is not available. Debt 101 wants to learn more but cannot get a response from this province. If you can assist, please Contact Us.
Minimum Debt Levels by Program (Previous Years Only):
|Private Vocational||- $3,570 for each 4-month semester|
|Diploma Program||- $14,280 for two 8-month school years|
|Degree Program||- $28,560 for four 8-month school years|
|Master's Program||- $40,700|
|PhD Program||- $45,700|
|Veterinary Medicine||- $54,980|
|Chiropractic Study||- $54,980|
UPDATE: THIS ARTICLE IS NOW ARCHIVED. ALBERTA ENDED THIS LOAN RELIEF PROGRAM JULY 31, 2012.