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Money Matters

Student Loans

A student loan is just like any other loan, with a few important differences. For example, the main qualification to be eligible for a student loan is "need". It is meant to supplement other sources of income available to students (i.e. paid work, parental contributions, savings, etc.). Student loans are also special for the following reasons.

  • You don't need to have a good job or assets to get this type of loan.
  • Student loans are interest-free while you are attending classes on a full-time basis.
  • If you are eligible for funding, you may qualify for some non-repayable grants as well as a (repayable) loan.
  • Upon graduation, you may not have to pay back a portion of your BC Student Loan debt because of the British Columbia Student Loan Remission Program.
  • You have 6 months after your classes have ended to start repaying your loan.

Check out the following links for more information on the two types of student loan programs available. Note that when you apply for BC funding, you are also applying for federal funding (you don't apply for them separately).

Remember that student loans must be paid back with interest (even if you have not obtained your degree or found a job). Be aware that this interest adds up - you could end up repaying a lot more than you originally borrowed. Check with your bank to learn more amount interest rates and the cost of borrowing money.

Visit the National Student Loans Service Centre to calculate your own potential repayment amounts, based on the loan you think you will need. You may negotiate the repayment instalments, including the length of time, up to a maximum of 14.5 years. However, the sooner you pay off your student loan, the cheaper it will be!

CSAP application forms are available from the financial assistance offices (please see below) at BC post-secondary institutions or from the BC Student Services Branch. It is best to get your application in as soon as you've been accepted into your institution because it can take up to six weeks to process your application.

If your loan application has been declined, or you did not receive an amount that you think you will need, you may request a review of your student loan decision. You must have documented proof that your situation is in some way exceptional and warrants reconsideration. Financial advisors at your school will help guide you through the review process.

Contact the Student Services Branch or the financial assistance office (please see below) of the institution you will be attending if you have questions about student loans, scholarships, bursaries or grants.