British Columbia Student Loan in Canada

BC Student Loan

British Columbia education loan is a renowned financial aid provided to students pursuing full-time courses in Canada. Residents of British Columbia can get help to pay for college or university through StudentAid BC. For students struggling with financial barriers, BC Student Loan offers loans, bursaries, grants, and scholarships.

For financing from both the federal and provincial governments, you can submit a single application when you ask for help. Let’s understand in detail about the British Columbia student loan and what are its features, eligibility and application process.

What is British Columbia Student Loan?

British Columbia Student Loan is a collaboration between the BC government and the Canadian government. StudentAid BC offers loans, grants, and scholarships to help students with money problems. When you apply for aid, you’ll fill out one application to get money from both governments. But when it’s time to pay back your loans, you’ll deal with each government separately.

You might qualify for a government student loan if you live in British Columbia and are pursuing studies in full- or part-time graduate or undergraduate courses at UBC. In order to evaluate residency and financial needs, students are either categorised as dependent or independent. Check more details below:

Dependent

You are considered to be dependent on a financial sponsor, such as your parent(s) unless you meet at least 1 of the criteria for independent status as defined below.

Independent

If you satisfy a minimum 1 of the following requirements, you are regarded as “independent”:​

  • By the first day of lessons, you are either married, parted ways, divorced, widowed, parent, or a parent who is single.
  • As of the first day of lectures, you were out of secondary school for 4 years (48 months).
  • You have not simultaneously been a full-time student receiving financing from the Canada Student Loans Programme for 2 periods of each 12 consecutive months spent working full-time (a minimum of 32 hours per week).
  • You don’t have parents because, for instance, they died.
  • You have been designated as the court’s ward.
  • As of your first day of school, you have lived with someone in a relationship that resembles marriage for at least 12 months straight.

Must Read: Check this blog and know all about Masters Courses at the University of British Columbia

Eligibility Requirements

You must satisfy each of these fundamental eligibility requirements in order to be eligible for a student financial Loan:

  • Citizenship or residency requirement: Must be a Canadian citizen, permanent resident of Canada, or a protected person or must be a resident of British Columbia.
  • Social insurance number eligibility: Social insurance number must not begin with 0, 3, or 8.
  • Program and institution criteria: Must be enrolled in an eligible program at an approved institution.
  • Financial requirements: Must demonstrate financial need.
  • Course load and disability consideration: Must take at least 60% of a full course load, or 40% if permanently disabled.
  • Academic performance: Must maintain satisfactory academic standing.
  • Previous student loan status: If previously received a student loan, it must be in good standing.
  • Funding limit: Must not have exceeded the lifetime maximum limit for funding.

Application Procedure

Follow these procedures to apply for student loans:

  • To be evaluated regarding both federal and state loans and grants, fill out an online application through BC Student Loan (SABC).
  • To make sure you are enrolling in enough credits to qualify for a loan, consult the course load guide.
  • For funding at the beginning of the term, submit an online student loan application at least two months before the start of the semester.

You are regarded as a new application if you have never received money from BC Student Loan before. Prior to accessing the educational loan application through their online BC Student Loan dashboard, all new full-time student applicants for loans will need to have their identification validated.

  • If you are requesting a student loan for the first time, complete the Master Student Financial Assistance Agreement (MSFAA) on time. Your loan disbursement may be delayed by a late submission.

Maximum funding limits

The financial data you provide in the application process will determine how much money you get.

BC Student Loan will provide you with an evaluation outlining the amount of support you are qualified for and when you will receive it.

Maximum loan funding

Canadian dollars are used for funding.

Summer Session

Study period lengthSingle studentsStudents with dependents
17 weeks (Summer Session)$8,840.00$12,580.00
13 weeks (Summer Session)$6,760.00$9,620.00

Winter Session

Study period lengthSingle studentsStudents with dependents
34 weeks (Winter Session)$17,680.00$25,160.00
52 weeks (Sept to Aug)$27,040.00$38,480.00
17 weeks (Term 1 or 2 only)$8,840.00$12,580.00
47 weeks$24,440.00$34,780.00

Grant funding

Some students who qualify for student loans may be qualified for grant money, which doesn’t need to be loaned back. Your application will determine your eligibility.

Automatic tuition deferral

Following the deadline for paying tuition in September or January, qualified graduate and undergraduate students are going to have their costs postponed for one month. Registration deposits are not subject to postponements.

If you satisfy both conditions, automatic tuition deferment is available to you. 

  • The following dates are the deadlines for submitting a full-time loan application:
  1. For a loan starting in Term 1 (September), July 31
  2. For a loan starting in Term 2 (January), the due date is November 15.
  • You qualify for a financial Loan to cover your fees and tuition.

Also Read: Scholarships in Canada for Indian & International Students 2022-23

Student loan interest

On the provincial part of your student loan, interest is not charged. The accrual of interest on the federal share now being loaned has been permanently stopped by the Canadian government as of April 1, 2023. The interest that might have accumulated on the loan before April 1, 2023, is still your responsibility to pay. Interest is not charged on the government component of the student loan you have until April 1, 2023, from April 2021 to March 2023. Payments are not necessary until six months have passed since you last attended school.

You will be in an interest-free position for your new study term if you go to school using a full-time student loan at a recognised post-secondary institution when this grace period expires. The interest (if any) that has accrued since your previous study’s end date will be waived.

In order for your prior loans to be in interest-free status, you must apply through your loan provider if you are returning to school full-time at a recognised post-secondary institution but do not intend to apply for full-time loans.

If you withdraw or have a failed term, it can limit your eligibility for further Loans because being in interest-free status implies you are in a “funded term” irrespective of whether you receive fresh loans or not.

Also Read: Fully Funded Scholarship in Canada for International Students 2023

FAQs

How much student loan can you get for BC?

There are lifetime maximum funding limits during British Columbia Student Loans of $50,000 and 520 funding weeks during Canada Student Loans (400 funding weeks for PhD studies). You will likely disagree with how BC Student Loan evaluates your application.

Does B.C. have student loans?

Students only make one monthly payment for their combined loan debt when it comes time to start repaying their loans.  Interest-free student loans are offered by BC and Canada.

Can international students apply for BC student loans?

Private student loans are an option, even though the funding alternatives are more constrained than for students studying at home. Students must be enrolled in a university that offers a student loan programme that is funded by a private lender.

Who is eligible for a British Columbia student loan?

Canadian citizens, permanent residents of Canada, and protected persons who are residents of British Columbia are eligible. They must also meet specific criteria regarding their social insurance number, enrollment in an approved program, demonstration of financial need, course load requirements, academic standing, previous loan status, and funding limit.

How can I apply for a British Columbia student loan?

To apply for a British Columbia student loan, eligible individuals need to complete and submit the appropriate application form through the designated channels provided by the provincial government. Additionally, they may need to provide supporting documentation to demonstrate their eligibility and financial need.

British Columbia student loan program offers valuable financial support to eligible individuals pursuing higher education in the province. By meeting the specified criteria and demonstrating financial need, students can access funding to pursue their academic goals. The program aims to ensure equitable access to education while promoting academic success and responsible financial management.

To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.

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About Shreya Nigam

Experienced author Shreya Nigam focuses on student loans, international banking, and international money transfers. She offers clear and succinct help on handling these complex topics because she has good expertise in finance. Her knowledge equips readers to make sensible financial choices in a global setting.

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