Find Out About BC Student Loans
BC student loans represent financial assistance provided by the government of British Columbia to its citizens and permanent residents as part of an ample partnership with the Canadian government. The available programs include not only loans but grants, bursaries and scholarships too. When filing your application for funding, you will use the same form for both the federal and the provincial government. Yet, when it comes to repayment, the rates have to be handled separately for each government.
BC student loans can be accessed if the applicant meets the following eligibility criteria:
-you must be a resident of British Columbia with Canadian citizenship or with the right to permanent residence;
-you should be enrolled with a certified school;
-you must bring proof of financial need;
-you must take at least 60% of the full course load; for people with disabilities 40% is compulsory;
-any past student loan should be in good standing;
-you must maintain a good academic performance;
-the maximum funding limit should not have been exceeded;
You are not eligible if your social insurance number begins with 0, 3 or 8.
You can request financial assistance and get access to one of the many BC student loans by filing an online application. The alternative is to send a paper application through StudentAid BC. It is important to make all the inquiries and complete all the forms quite some time in advance so that they can be processed and approved. Otherwise you cannot get the necessary funds at the beginning of the academic year.
In case you meed the eligibility criteria for other bursaries and scholarships you should check what other application forms may be required. Once you get the loan approval, you’ll have to carefully analyze all the legal documents with the terms and conditions for the BC student loans. Your financial needs will influence the amount that will be allocated to you in the form of a loan. On the average, BC student loans cover tuition, books and equipment, moderate living costs and transportation expenses.
No repayment is required for BC student loans while you are in school. The federal or provincial government will cover the interest rate for this period. The moment you graduate or you stop attending school, you must start the repayment of the loan. The same thing happens when you reach the lifetime maximum limit, meaning that you can’t borrow anything more. Read about all the repayment conditions before signing the loan contract.