Alberta makes it easier for students to obtain loans

It should be easier for university and college students in Alberta to get loans after Aug. 1. 

All students will need only contribute a flat rate of $1,500.

Students will no longer have to account for any savings they have, RRSPs, part-time earnings or parental contributions to determine whether they can get a loan.

"This will help make a complicated system of student loans a lot easier to understand for students," said Farid Iskandar, with the students union at the Univeristy of Alberta.

The province is also bringing in grants designed to encourage students to graduate and remain in Alberta.

Completion grants, designed to ease a student’s debt load on graduation, will provide students who have loans with grants of between $1,000 and $2,000 upon graduation.

In addition, retention grants will provide graduates who work in Alberta for three years in essential occupations with an additional $1,000.

Professions included in the program will be announced at a later date.