Student Loan in BC Eligibility Requirements

Student loan in BC Requirements

If you are a student in British Columbia, Canada, you have three options when it comes to a student loan in BC. One of those types of student loans is the BC Canada student loans program. This program is administered through the Canadian Federal Government.

When you obtain this type of BC student loan in Canada the interest on the loan is paid by the federal government for as long as you remain in school as a full time student. Should you stop being a full time student, or leave school altogether, you become responsible for those interest payments, as well as the loan payments.

The BC Canada Student Loan will pay up to 60 percent of the funding that you need to pay for school, for a maximum payout of $210 each week that you are in school. To be considered a fulltime student, you must be enrolled as a student taking at least 60% of a full course load, unless you are disabled, in which case the requirement is 40%.

You do not have to start repaying the student loans in BC Canada until six months after you graduate or leave school. These student loans in BC Canada are only available to students who reside in certain territories or provinces of Canada, but most are covered. Residents of British Columbia are covered, and it is important to note that this is in addition to any funding that you might receive through your local government – so while this BC student loan program will cover 60% of your cost, local government aid could very well cover the other 40% to help you pay for your education.

Other than maintaining a fulltime student status, there are other eligibility requirements for Canada student loans in BC as well. Naturally, you must be a citizen of Canada, and a permanent resident of Canada. You must also prove that there is a financial need, and be enrolled in a program that lasts for at least twelve weeks, and results in a certificate, diploma, or degree. The post secondary school that you attend must be approved as well.

Additionally, if you are at least 22 years of age, and you are just applying for a Canada student loan in BC for the first time, you must also pass a credit check in order to be approved for a BC student loan in Canada. If you have bad credit, you will not get the loan. You must also still be within your lifetime limit for student loans in order to qualify. If you are a fulltime student, and you didn’t start receiving student loans until after August 1, 1995, you can receive financial assistance for a total of 340 weeks. If you are in a doctorate program, the lifetime limit is 400 weeks. If you are disabled, the limit is 520 weeks.

Since the inception of the Canada Student Loans Program in 1964, approximately $32 billion has been spent to educate Canadian citizens. Make sure that you are getting your share of the funds that are available to further your education, making your future a brighter place, and don’t forget to seek Canadian grants and grants that are available through your local government as well to help pay for your education. You can apply for your Canada student loan in BC at the same time that you apply for student loans that come directly from the government of British Columbia, instead of filling out separate application forms.

The other two sources of BC student aid is through the BCSL service bureau which is issued and administered through the government of British Columbia, and the third is also issued through the Canadian Government for part time students.

For more information visit: student loan in BC Canada or go to British Columbia student loans.