British Columbia Student Loan Program
In Canada, British Colombia residents can receive loans through the agency known as Student loan BC. The agency is a partnership between the British Columbia government and the Canadian government. The organization helps students in realizing their education dreams through a number of ways such as bursaries, scholarships, grants, and loans. The students can fill out a single application form to receive the aid but the repayment is handled through different government agencies.
Student loan BC has a number of criteria that need to be fulfilled in order to receive aid. The first and foremost is that one must be a Canadian citizen, a permanent resident of Canada or be a protected citizen. Apart from this, it is a requirement that he be a resident from British Colombia. Also, it is a requirement that one’s social security number must no begin with a 0, 3 or 8. Also enrollment at an eligible program at an eligible university is important. There are also course load requirements in that at least a 60% course load must be dealt with by normal people and 40% by disabled people. Moreover, the aid program aims to promote talented people so a satisfactory academic standing is required. Also, if of them has availed any loans in the past, then it is a requirement that he maintain a good credit standing. Also, the student must not have gone past the maximum lifetime funding allowed.
Students who have a course-load that is less than 60% but greater than 20% are known as part-time. They are also allowed to apply for financial assistance and they can do the same through Student loan BC.
Application Process
Those who are full-time can use the online application to request financial assistance. Assistance can take the form of financings from the provincial or federal government. Also, the same application can be obtained in paper form from one’s financial aid office. It is advised that one apply early since there is a period of application processing and also to ensure that funds are available when one intends to start the program. The last date by which the application can be made is 6 weeks before the program ends.
As already mentioned above those, who are part-timers are also allowed to apply. They have to obtain a different kind of application form that is the part-time application form from the office or their own respective financial aid office. This application form can be used to obtain the following types of aid:
– Part-Time Canada Student Loan
– Canada Study Grant for High-Need Part-Timers
– Canada Study Grant with Dependants
– Canada Access Grant with Permanent Disabilities
– Supplemental Bursary with Disabilities.
The application is first submitted to the financial aid office in one’s educational institution from where it goes to Student loan BC. The last date at which the application can be made is 8 weeks before the program ends.
Also, there are many other awards apart from the one from BC. Hence it is always a good idea to check them out. Aid apart from BC includes grants, bursaries, scholarships, and so on.
Receiving Financial Aid
Student loan BC will process one’s application and then tell whether the application has been accepted or not. If the answer is in the positive then the various detailed will be communicated such amount of funding, where, how and when it will be received.
In case the application is approved legal documents will also be received regarding the funding.
The Master British Columbia Student Loan Agreement is sent whenever the first financing is applied to and remains in effect for other kinds of loans. The Canada Student Loan Agreement is sent each time you are approved for a federal student loan. Make sure you read and understand these documents.
To receive your British Columbia Student Loan, you must first visit a designated Canada Post outlet to confirm your identity and to submit your loan agreement for processing. Next, you must ensure that Student loan BC has confirmation of your enrollment at the postsecondary institution. Your British Columbia Loan will be directly deposited into your bank account. Note that those under the age of 19 will need a guarantor in order to receive the funding.
The process for Canada Student Loan is same as the one above, except for a few changes. Nevertheless, the process is more or less the same
How Much Will You Receive?
So how much financial assistance would one receive once one applies? The office calculates the amount of aid to be offered as being equal to the cost of the program less the resources one has.
The educational costs that are allowed include items such as tuition fee, cost of books, moderate living costs, transportation costs, etc. The personal resources that are counted include the personal income of the student, his assets, his parents income in case he is still dependant and if applicable, the spousal income. Any difference between the amount the cost of program and the amount the student can afford on his own is accepted as the financing need.
There are also maximum limits to the amount of aid one can be availed during one’s lifetime. The total amount of scholarship, grants, loans, etc one can receive is $320 per week. This increases to $510 per week if one has dependent children. There is also a life-time maximum limit of for how long one can receive the financial aid. The limit for Canada student loans is 340 weeks of funding (400 weeks for doctoral students). For British Colombia Student loans, the maximum funding allowed is for 520 weeks.
It is possible that one might not agree with the assessment one receives for Student loan BC. Many a times, student loan officers are not able to analyze the application correctly or there are some other reasons. This can result in the underassessment of need. If this is the case, one can file an appeal by filling the appeal request form.