BC Student Loan | Student Loan In Canada

Many students have to get loans to finance their post-secondary education in Canada. If you are planning to study in British Columbia, you can get funding from the BC and Canadian student loan programs. Student Aid BC is responsible for granting loans to students in this province. When you submit an application for a BC student loan, you will automatically qualify to get two loans as the information would be sent to the federal and provincial loan agencies.

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Requirements for BC student loan

In order to qualify for a student loan in British Columbia, you have to:

• Be a citizen of Canada, live in the province for twelve consecutive months, have a protected status or a landed immigrant;
• Taka a minimum of 60% of the full course load;
• Show that you are need of financial help by providing details about your savings account, tuition fees, cost of living or parental contribution;
• Show satisfactory academic standing if you are not pursuing first year studies. Each institution will have different requirements, but you should not miss classes for over 10 days or fall below the 60% that is required for course load.

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Applying for BC student loan

You can complete and submit an application online for a student loan or send it via mail to the Student Aid BC.

Online application:

1. Visit the StudentAid BC website and then click on the button to apply online for full time studies to get application page.

2. After that, you have to verify that your school is qualified for financial support. All the universities and colleges in BC can get funding from BC loan program, but some of the private institutions do not qualify.

3. Once the confirmation is done, you can fill out the loan application. This will require you to answer questions regarding your financial standing, the program and your school. In addition, you have to include financial information for your spouse, if applicable, as well as for your parents if you are still living with them.

4. When all the information on the application form is completed, you can print the declaration page and then sign it. The signed declaration must then be sent by mail to StudentAid BC.

5. To finish the process, you can click to submit your student loan application.

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Mail application:

1. You can call StudentAid BC or check the website to request an application form. Just like before, you could complete all the required fields on the application form including your information as well as that of your spouse or parents if necessary.

2. After completing all the relevant fields, you can sign and then mail the application to StudentAid BC.

Note that you can get student loan from a private bank if you did not qualify for one of the government loans.

In conclusion, you should know that your federal and provincial loans will be repaid separately to different organizations. The National Student Loans Service Centre collects payment for Canada student loan, while the BC student loan repayments will be made to the institutions which administer the loans.

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