Most important approach is to get organized. Keep records of all your loans along with their amount, terms, payment, and interest rates then keep in a safe place. Remember that waiting will cost you. Don’t be fooled by the six-month grace period you get before you have to start making payments. While you are not required to make payments during the grace period principal loans will still be waiting. Student loan must be paid back like any other loan. Your student loans cannot be forgiven, but if you need assistance paying your student loans enroll repayment assistance plan (RAP). When you receive Alberta and Canada student loans, they are reported to the credit bureau. When you do not make payment on your loan on time, you will create a negative credit rating. If you default on your student loan you could miss out on your income tax refund and be unable to obtain further loans and grants.