One of the best lifetime investments you can make is investing in your own education. By investing in yourself and in your future, earning a diploma will provide ongoing benefits for decades as you earn more, develop a career field, and improve career opportunities over the rest of your working years.
And Sundance College’s many fast-track educational offerings are designed to help you acquire the knowledge and skills needed in your new career in the shortest amount of time.
Sundance College believes funding should not prevent you from getting your education. In order to support our students, Sundance provides expertise and supports to assist students to secure needed funding to come to school so they have the opportunity for a better job and a better life!
Student Funding Solutions Tailored for You
In order to fund your program Sundance College provides personal assistance in determining which financial option is right for you.
There are many funding sources available to students. Sundance College will assist you in understanding which tuition solutions are best for you, and provide you with the confidence and peace of mind to start down your new career path today.
In many cases government-sponsored support through Student Aid Alberta provides loan assistance to qualified full-time students may be the best solution. The type and amount of assistance usually varies depending on your individual circumstances, and other unique features support students’ needs.
If you choose to fund your education through student loans, it is the college policy to apply all loan payments toward the tuition balance until the tuition and other costs are paid in full. This policy is subject to provincial regulation. Loan amounts that exceed tuition fees will be distributed directly to the student.
Additionally, you will receive assistance with completing your application for whichever funding option you choose.
Student Loan Repayment Options
As with any personal or bank loan, paying back a student loan is a top priority.
Six months after leaving your program you begin making student loan payments and incorporating it in to your regular monthly expenses just like rent and food.
In certain situations, and unlike most other loans, there may be some flexibility in setting the amount of the loan payment required in accordance with your financial resources. If you are unemployed or underemployed there are options to apply for short-term interest relief or for reducing your monthly payment, which will spread your repayment over a greater number of months.
Tailoring your repayment plan to make it work for you is important.
Making a commitment to consistently pay back your student loan will help you avoid significant issues such as collections actions, additional interest charges, loss of future student loan and grant assistance, a bad credit rating and garnishee of Income Tax Refunds and GST Rebates.
Repayment Options in Alberta
Alberta students have several options available to help ensure they pay back their student loans. tudent Aid Alberta repayment information can be found at http://studentaid.alberta.ca/repaying-your-loan
This website provides extensive information on information about repaying student loans, debt management tools and repayment assistance programs.
Repayment Assistance Plan (RAP)
If you are having difficulty in making student loan payments, Alberta students should be aware of the supports available under the Repayment Assistance Plan (RAP). RAP application can be found at http://www.esdc.gc.ca/assets/portfolio/docs/en/student_loans/forms/repayment_assistance.pdf
You could be eligible for RAP if:
- you are currently repaying an Alberta or Canada student loan
- your monthly payment amount is not in sync with your income or family size. A Repayment Assistance Plan Estimator is included to see if you might be eligible.
- your student loans are in good standing
If you qualify, a reduced monthly payment will be set for six months, based on your income. Depending on your situation, you may not need to make a payment at all for some months until your situation changes.
If you are behind on your payments, you can ask for a reduced payment to be back dated for up to 6 months. You can also ask to capitalize your interest charges by 3 months in order to help keep your loans in good standing.