Worried about funding?
Academy of Learning Career College is here to help. The decision to invest in education and career training is one of the most important decisions you’ll ever make. Once you’ve taken that important step, the next question is how to pay for it. If you’re looking for advice on financial aid we can help, with a variety of options that will assist you in upgrading your skills and building your career future. We can provide tuition solutions to give you the confidence and peace of mind to start down your new career path today.
Our career advisors can help you explore a range of funding options including payment plans, loans, provincial student assistance, and sponsorships. They will help you find the option that is right for you and work with you to create a customized plan that will make your learning experience as stress-free as possible.
Repayment Options
In Manitoba, students have a number of repayment options available to them to ensure they pay back their student loans. Check out the Manitoban guidelines on Repayment Assistance Plan.
Paying back your student loans needs to be one of your top priorities once you graduate. Based on your personal or family budget, you’ll need to decide how to incorporate your monthly loan payment so that it just becomes another bill you pay. There are many ways to make sure your student loan repayment plan doesn’t feel like too much of a burden. You may want to apply for interest relief or might opt for reducing your monthly payment, which will spread your repayment over a greater number of months. There are many ways that you can make your repayment plan work for you.
Repayment Assistance Plan (RAP)
The Repayment Assistance Plan, available for both Manitoba and Canada student loans, calculates your reduced monthly payments based on your family income and size. You can apply anytime during your repayment term.
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.
To apply for a RAP for both Manitoba Student Aid and National Student Loans (NSLSC), you will need to complete both applications. While the NSLSC application can be done online, the RAP application for Manitoba Student Aid needs to be printed and mailed out to:
401-1181 Portage Avenue
Winnipeg, Manitoba R3G OT3 (Winnipeg), or
362-340 9th Street
Brandon, Manitoba R7A 6C2 (Brandon)
You could be eligible for RAP if:
- you are living in Canada
- you are currently in repayment of a Manitoba or Canada student loan
- you are unable to afford your required monthly payment. Use the Repayment Assistance Plan Estimator to see if you might be eligible.
- your student loans are in good standing. 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.