Loan default9/11/2023 Approved for Special Consideration on an Alberta student loan due to a disability must pay all outstanding interest and make the equivalent of two months of required payments.Ī student is not required to rehabilitate their Alberta student loan debt if the approval for Special Consideration occurred prior to August 1, 2001.If a settlement was reached, the student must pay the settlement amount in full. If a judgment was obtained, the student must pay the judgment order in full. The student must contact Treasury Board and Finance – Crown Debt Collections to rehabilitate their defaulted loan and/or grant overpayment.Ī student is not required to rehabilitate their Alberta student loan or grant overpayment if the default occurred prior to August 1, 2001, unless legal action was taken by the Minister to collect the debt and a judgment was obtained or a settlement was reached. ![]() With a defaulted Alberta student loan or grant overpayment in collections at Treasury Board and Finance – Crown Debt Collections must pay all outstanding interest and make the equivalent of two months of required payments.Īlberta student loans are transferred to Treasury Board and Finance – Crown Debt Collections when 150 calendar days past due.Options such as change of repayment terms, repayment assistance and/or reinstatement to interest free status may be available to these students. With a delinquent Alberta student loan at the Alberta Student Aid Service Centre must bring the loan up-to-date and into good standing.Īn Alberta student loan is delinquent if the loan is two months past due from the last payment due date or has 90 calendar days of interest owing.In order to be considered for further student loans and grants, a student: Rehabilitating Alberta Student Loan Defaults and Grant Overpayments recovery through the Canada Revenue Agency Refund Set-Off Program that allows the province to recover a student’s defaulted Alberta Student Loans from the student’s income tax refund or GST credits. ![]() If a borrower defaults on their loan, steps will be taken to recover the debt. If a student defaults on either a Canada Student Loan (full- or part-time), Canada Apprentice Loan or an Alberta student loan, restrictions are applied and all types of assistance (full- or part-time) administered through Alberta Student Aid may be denied until the defaulted loans have been rehabilitated. Defaulting on student loan payments has an impact on a student’s eligibility for future funding.
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