In Alberta, the Master Student Financial Assistance Agreement (MSFAA) number is a unique identifier for students approved for full-time funding through federal and provincial student loans and grants.
This agreement is a one-time document that students must complete before any student aid funds can be issued.
It outlines the terms and conditions of receiving student aid, including repayment obligations and the consent for information exchange between various parties, such as educational institutions, government departments, and the Canada Revenue Agency (CRA).
Key Aspects of the MSFAA in Alberta
- Purpose: The MSFAA serves as the legal agreement between the student and the loan providers, detailing the responsibilities of both parties.
- One-Time Agreement: Generally, the MSFAA only needs to be signed once, as long as the student continues their full-time studies without a break of more than two years or receiving funding through another province or territory.
- Disbursement Conditions: Before funding can be disbursed, students must complete the MSFAA. If a student is approved for both federal and provincial funding, they must complete both the Full-Time Canada MSFAA and the Alberta Student Aid Agreement.
- Amendments and Updates: Alberta Student Aid may amend the agreement terms at any time, with updates posted on the Alberta Student Aid website.
Completing the MSFAA
Students receiving Alberta Student Loans must complete an Alberta Student Aid Agreement in their Student Aid account.
Those receiving Canada Student Loans will find instructions in their Student Aid account on how to complete their Canada MSFAA.
The agreements ensure that students understand their obligations under the student aid program and agree to the terms set forth for the disbursement and repayment of loans and grants.
FAQs on MSFAA in Alberta
What happens if I don’t sign the MSFAA? If the MSFAA is not signed, student aid funds cannot be disbursed. It’s crucial to complete this agreement promptly to ensure funding is available for your studies.
Can I receive my funding if I only complete one of the agreements? No, if you’re eligible for both federal and provincial funding, you must complete both agreements to receive the full amount of your approved funding.
What if I take a break from my studies? If you have a break in full-time studies of more than two years or receive funding through another province, you’ll need to sign a new MSFAA upon returning to full-time studies in Alberta.
In Summary
- The MSFAA number in Alberta is crucial for students seeking full-time funding through student loans and grants, acting as a binding agreement between the student and funding authorities.
- This one-time agreement outlines the terms and conditions for receiving and repaying student aid, with specific procedures for both federal and provincial funding.
- Completing the MSFAA is a mandatory step in the student aid process, ensuring students are aware of their obligations and consent to the terms of their financial assistance.
Sources and Further Reading
For more detailed information on the MSFAA and student aid agreements in Alberta, including how to complete these documents and their implications for your student aid package, visit:
- Alberta Student Aid Policy Manual: Student Aid Agreements/Master Student Financial Assistance Agreements (MSFAAs)
- University of Alberta Registrar: Provides additional guidance on after you apply for student loans, including the MSFAA. After You Apply – Student Loans
