The Government of Alberta is giving students affected by the wildfire more time to repay their student loans.
Government is extending the deferral of repayment and interest-free period to March 1, 2017 for student loan borrowers affected by the fire so they can focus on their immediate needs. More than 700 students will benefit from payment and interest deferrals.
“We recognize that rebuilding a community following a devastating event like the Fort McMurray wildfire takes an emotional and financial toll on its residents. When people have been displaced from their homes and their jobs, the last thing they should be worried about is repaying a student loan, which is why we are pleased to assist these students as they rebuild and recover.”
On May 5, 2016, affected borrowers repaying Alberta student loans had their payments and interest accruals automatically deferred to Nov. 30, 2016.
“This extra time makes a huge difference in the lives of our students, many of whom have been adversely affected by the recent wildfires. Many of our students have been displaced from their homes and face other stresses. We are grateful to Alberta Advanced Education for their assistance and support during this difficult time for our community.”
Student Aid Alberta will contact eligible student loan borrowers during the month of July to make sure they are aware that the deferral has been put in place for them. The repayment and interest-free period extension is for Alberta student loans only. Students with Canada student loans are advised to contact the National Student Loans Service Centre to discuss repayment options.