At Alberta Business & Education Services, we provide advice on how to repay your student loans and other related finances in Edmonton, Lethbridge and Calgary. Continuing education is a great investment, but when it comes time for repayment, without a proper plan, things can become overwhelming. That’s why we recommend that you make paying back your student loans a top priority once you have graduated. Whether based on your personal or family budget, tailor your monthly repayment option so that it can be something you stick with until the loan is fully paid off. There are some repayment options to consider which include:
Pre-Authorized Payment Plan
This is one of the easiest methods of repayment. For individuals who had their Alberta or Canada student loan deposited directly into your bank account, a pre-authorized payment plan simply involves scheduling payments so that the repayment will automatically be withdrawn from that same bank account. Letters are usually sent to you to explain the process before the plan takes effect.
Online or Telephone Banking
Make your payments right online or over the phone through your personal bank. This method includes logging in or calling to add or register your repayment plan with the bank of your choice. Most banks in Canada offer this service. For example, if you have an Alberta Student Loan, you can add or register Alberta Direct Student Loan to your list of bills, using a 7-digit student loan number as the account number. For Canada Student Loans, your options include adding or registering National Student Loans Service Centre, National Student Loans or NSLSC to your list of bill payments. Once again you’ll use a 7-digit student loan number as your account number.
Some prefer to repay their loans using personal cheques. Student Aid Alberta recommends that you provide 12 post-dated cheques at a time with your student loan number written on the front of each of those cheques. Visit Student Aid Alberta for more information on using personal cheques to pay off your student loans.
For individuals dealing with student loans through Student Aid Alberta Service Centre or the National Student Loans Service Centre, repayment assistance is available. ABES understands that in Lethbridge, Edmonton and Calgary continuing education may mean taking out student loans which in turn can be difficult to pay off. Through repayment assistance, Student Aid Alberta can help you get on top of your payments and stick with them. For example, repayment assistance may take the form of changing your payment schedule to align with the days you receive your paycheque or increasing the amount you pay per month in order to pay off your student loans faster. Another change you might consider making to your payment terms is lowering your monthly payments should you find yourself struggling to meet the original requirement. Learn more about repayment assistance through Student Aid Alberta.
Get in touch with ABES to discuss your student loan repayment options. Our student finance officers can help you find the best option for your needs.
221 18th Street SE, #10 , Calgary, AB, T2E 6J5 | Main: 403-232-8758 | Fax: 403-265-9368