02/13/2012 04:45 EST | Updated 04/14/2012 05:12 EDT

Alberta Student Loans: Changes Include Cutting Red Tape, Revamping Rules For Post-Secondary Student Loans

EDMONTON - The Alberta government is changing the rules for post-secondary students applying for loans to get them through the school year.

Advanced Education Minister Greg Weadick (WED'-ick) says the province will no longer consider a student's earnings, RRSPs or parental income when determining a loan.

Students will have to show at least $1,500 has been put aside towards their education — and single parents won't have to contribute anything.

The government is also streamlining applications so that students will only have to deal with one organization called Student Aid Alberta.

Other changes include dropping interest charges from the six-month repayment grace period after graduation.

The Alberta Liberals say the attempt to revise student aid is "stingy" and they suggest loans should be forgiven for those who work in the province after graduation and pay taxes.

(CHED, The Canadian Press)