Federal / Provincial Student Loan Program
Government Financial Assistance is designed to help students pay for school. There are different types of financial assistance programs available, based on student eligibility and need. Students that require financial assistance may apply for student loans or grants through Student Aid BC. There are Canada Student Loans, Provincial Student Loans, and Grants (Federal and Provincial).
Benefits
There are many benefits to student loans: Low interest rates with no interest being incurred until graduation; No payments during your time of study; No payments for the first six months after graduation with repayment beginning in the 7th month after graduation; Up to 10 years with monthly payments to repay.
Who’s Eligible?
Canadian citizens, landed immigrants (permanent resident) or protected person status; Have a valid Canadian Social Insurance Number that does not start with ‘0’ or ‘8’; Be a resident of British Columbia (lived in the province for 12 consecutive months); Pursuing full-time studies as your primary occupation and enrolled full-time in an eligible program of study at an eligible post-secondary institution; Be able to demonstrate financial need.
Who’s Not Eligible?
Delinquent or in default of previous student loans or are restricted from receiving student assistance due to an audit, overaward or similar reasons; Incarcerated or have any outstanding warrants for your arrest; Employed full-time during program year.
Full / Monthly / Term Payments
Students are given the option of paying their tuition on an interest free monthly/term payment plan. The student can either provide the financial administrator with post-dated cheques at the time of registration or they can also choose to make monthly/term Interac, Visa or MasterCard payments. Monthly/Term payment plans offered are as follows: Equal payments made quarterly; Equal monthly payments over program length. The payment schedule commences on the first day of training and the total tuition is divided over the training period less practicum at the end of the program.