Student Loans
Student loans are government-funded financial assistance that must be repaid. This funding is intended to assist students in financing their post-secondary education. Eligibility is determined by the federal and provincial governments.
There is a one-step process to apply for both federal and provincial loans and/or grants. If you apply for a loan, you must read the repayment requirements carefully. While pursuing post-secondary studies on a full-time basis, the government pays the interest on your loan.
Student Aide BC/Canadian Student Loans Link to Information + Application
The province of British Columbia offers Canada-B.C. integrated loans. An integrated student loan has two lenders, the governments of Canada and British Columbia. However, it is administered as a single loan. At the point of loan repayment, students make just one monthly payment towards their integrated loan balance.
Here's what you need to know about full-time student loans.
- Interest will be paid by the provincial and federal governments while you are attending school full-time.
- You must be enrolled in at least 60% (40% for students with permanent disabilities) of a full-time course load.
- Repayment will begin six months after your studies end.
- You are responsible for repaying the total amount loaned to you.
Eligibility Criteria
To receive student financial assistance, applicants must meet all of these basic eligibility criteria:
- be a Canadian citizen, a permanent resident or have protected person status
- have a valid Canadian social insurance number
- be a resident of British Columbia
- be pursuing full-time studies as your primary occupation
- be enrolled in an eligible program of study at an eligible post-secondary institution
- be able to demonstrate financial need
- make academic progress and achieve satisfactory scholastic standing in each period of post-secondary study
StudentAid BC funding varies according to your financial situation, status, length of study program, number of dependants and other factors.
The amount of money you receive from StudentAid BC depends on your financial need, which is calculated using this formula:
Educational costs - Student Resources = Financial need
StudentAid BC will subtract your total resources from your total educational costs to calculate your assessed financial need.
Your assessed need is then compared with the maximum weekly funding limit allowed for your study period. The lesser of these two amounts is what you are eligible to receive.
For full-time students, the Canada Student Loans Program provides 60% of the assessed need, up to $210 per week of study; the remaining 40% may be provided through the provincial student loans program. You can receive Canada Student Loans for the number of years in your academic program, plus one extra year if needed to complete the program. There is a maximum lifetime limit of 340 weeks of assistance for full time students (extended by an additional 60 weeks for students enrolled in doctoral studies).
Part-time students can receive up to $10,000 (in combined principal and interest) in Canada Student Loans over the period of studies. There is no maximum time limit of assistance for part-time students.
Application Process
You are encouraged to apply online to speed up the assessment process: LINK
- The latest you can apply for full-time student loans is 6 weeks before your study program ends as long as you have provided all the required documentation.
- The earliest you can apply for full-time student loans is when applications for the upcoming program year are made available to the public, usually in early June.
- The Financial Aid Office on any university campus is happy to assist students with the completion of the application process.
Sample Student Aid Information:
