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Student Funding

There are many options to help you fund your education. Our Financial Aid Officer on campus will be more than happy to assist you prepare student loan documentation, provide confirmation of enrolment to release RESP's or obtain private loans, and help you find funding.

Some funding options include: 

  • Government student loans for full-time and part-time students

  • Government grants for full-time and part-time students

  • Employment Insurance for Registered Alberta Apprentices

  • Alberta Foundational Learning Assistance for Transitional Employment Program (TEP)

  • Registered Education Savings Plans (RESP)

  • RRSPs (Lifelong Learning Plan)

  • Third party sponsorship

  • Student line of credits

  • Employment while in school

Full-Time Funding

Government student loans are interest-free while you are in school, and you don't have to start paying back the loan until six months after your full-time enrolment ends. When you submit an application for a full-time government student loan, you will automatically be assessed for the grants and bursaries offered by the federal and provincial governments as part of the student loans program.

To apply for government student loans and grants, you must:

  • Be a Canadian citizen or permanent resident (landed immigrant).

  • Demonstrate financial need.

  • Be enroled in at least 60% of a full course load in an eligible post-secondary program. (Students with a documented disability may be eligible to receive full-time funding while studying at a reduced course load.)

How do I apply for a government student loan?

Apply for your loan through your province of permanent residence. You are a permanent resident of the province or territory where you have most recently lived for at least 12 consecutive months while not at college or university. Apply on-line or download a paper application.

  • Apply early. Processing may take up to six weeks. After your application has been processed, you will receive a Student Award letter letting you know the amount of funding you are eligible to receive. If you are denied funding, it will outline the reason(s).
How can I check the status of my funding application?

If you have applied for a full-time student loan through the province of Alberta, a paper application could take four to six weeks to be approved. If you apply online in Alberta, you may see the results of your assessment immediately.

If you have applied for a full-time student loan through another province, a paper application could take six to eight weeks to be approved. Most provincial student financial assistance web sites have an on-line application.

There are several ways to check the status of your application. Whichever option you choose, you'll need your social insurance number.

  • Log-in to the student financial assistance web site of your province.
  • Call the student financial assistance of your province or territory. In Alberta, call the Student Aid Alberta Service Centre at 1.855.606.2096 (toll free anywhere in North America).
  • Call or visit the Olds College Office of the Registrar, telephone 1.800.661.6537, extension 4677.

If there is a problem with your student loan, your first contact should be with the student financial assistance office of your province or territory.

How/when will I receive my funding?

Once your application has been assessed and you have been approved for full-time funding, you will receive the following documents:

  • Student Award letter. Outlines the type of funding you have been approved for (loan, grant/bursary), the amount of money you have been approved for, and when you are eligible to receive your money.
  • Master Student Financial Assistance Agreements (MSFAAs). One-time legal agreements that contain the terms and conditions for receiving student aid.

Once you receive your MSFAAs, you'll need to do a few things to receive your funds:

  • Review your agreements.
  • Provide your banking information - submit 2 void cheques or fill in your Canadian banking information in the Electronic Funds Transfer section in Part C on both of your agreements.
  • Sign and date your agreements.
  • Submit your agreements at a designated Canada Post Outlet. You'll need to bring:
    • official government issued photo ID - your driver's license, passport or citizenship card
    • your social insurance number card or a copy of Canada Revenue Agency Notice of Assessment, a Canada Pension Plan Statement of Contributions or other confirmation of SIN from Service Canada.
    • your 2 void cheques OR completed banking information.

You'll also receive some important instructions on how to complete your MSFAAs along with your agreements. It is important for you to read and follow the instructions so you can get your funding.

Your loan or grant money will be deposited directly to your bank account or forwarded to your school to pay your academic fees (e.g. tuition) on or after the first day of classes. 

While there are exceptions, you normally get two disbursements of money in a year, depending on when you apply: one will be during your first semester and the other during your second semester. If your financial situation changes before you start school or while you're studying, you must inform your provincial or territorial student assistance office.

Part-Time Funding

Government student loans are based on your assessed financial need. Qualified part-time students in Canada could get up to $10,000 in federal loans. In addition, part-time student grants are also available. Your eligibility for grants is assessed automatically when you apply and qualify for student financial assistance through your province or territory of residence.

Part-time funding is intended to help cover the cost of tuition, books, travel and childcare. Unlike full-time funding, part-time students cannot apply for funding to cover their living expenses (e.g. rent, utilities, food, etc.)

To apply for government student loans and grants, you must:

  • Canadian citizen or permanent resident (landed immigrant).

  • Part-time funding is income based so you must demonstrate financial need based on last year's income.

  • Must be enrolled in 20 - 59% of a full-time course load (less than nine credits per semester).

  • Courses must be part of an approved program of study.

  • To maintain eligibility you must pass your courses.

  • Continuing Education programs (unless government approved) do not qualify for student loans.

Contact the Student Funding Officer at or 403.556.4677 to see what you might be eligible for.

How do I apply for a government student loan?
How/when will I receive my funding?
  • If you are approved for part-time loan funding, you will be sent a Certificate of Eligibility Part-Time Student Loans and Grants and a Canada Student Financial Assistance Agreement for Part-Time Students.

  • The Certificate of Eligibility details the types and amount of your part-time student financial assistance and also includes the confirmation of enrolment section that must be completed by Olds College.

  • Submit your Certificate of Eligibility and Student Loan Agreement to a designated Canada Post outlet along with required identification.

  • Your loan or grant money will be deposited directly to your bank account or forwarded to your school to pay your academic fees (e.g. tuition) on or after the first day of classes.

Additional Funding Options

Employment Insurance for Registered Alberta Apprentices

Registered Alberta apprentices may be eligible for financial assistance when attending the technical training portion of their program. For information on grants and tax benefits, employment insurance and scholarships, visit the Alberta Apprenticeship and Industry Training site.

Learn More

Foundational Learning Assistance Program

Alberta Foundational Learning Assistance Program funding is ONLY available to FULL-TIME students in the Transitional Employment Program (TEP).  We do not have Alberta Works funding for any other Olds College program.

If you have been offered a spot in the Transitional Employment Program (TEP), you will be able to complete your Alberta Foundational Learning Assistance Program funding application through an online application.  If you require help with your application, contact

  • Olds College at 1.800.661.6537, extension 8336 or,

  • Foundational Learning Assistance Program at 780.427.3722

    • Hours: 8:15 am to 4:30 pm Monday to Friday, closed statutory holidays

Registered Education Savings Plan (RESP)

RESP funds can be used to full-time studies in a qualifying program. Check with your RESP provider regarding program eligibility and procedures for withdrawing funds.

  • Verification of Enrolment: RESP providers often ask for a verification or confirmation of enrolment. You must request these forms on your own behalf - contact Enrolment Services You can give permission to a third party to make this request for you, but you must first sign and send a Consent to Release Student Information Form to the Registrar's Office.

Third Party Sponsorship

Ensure that a letter of sponsorship from your sponsoring agency is sent to Olds College before the fee payment due date. Have your sponsoring agency fax the letter of sponsorship to Office of the Registrar, fax: 403.556.4711, or scan and email to

Student Line of Credit

Most financial institutions offer student loans or student lines of credit which are different from a loan because you don't have to borrow the full amount at once. You can withdraw money from your line of credit as you need it, much like using a credit card. You will need a co-signer - a person who can act as your guarantor if you are unable to pay off your loan or line of credit. With a personal loan or student line of credit you pay only the interest while you are in school. You begin repayment of the principal when you cease to be a full-time student.

Working While in School

Many resources in Olds can help you in finding a job while you study. Your job search headquarters in the Olds area is the Alberta Works Olds Office at the Ralph Klein Centre located at the south end of the Olds College campus. There you will find free access to computers, printing, copying, phone use and help from staff in your job search process. Job boards are available for viewing at the Alberta Works office.