BC Student Loan Forgiveness and Reduction
BC student loan forgiveness and BC student loan reduction is essentially the same thing but just a matter of how much of the BC Canada student loan will be reduced and forgiven. If you’ve graduated from college, or you’ve left school without graduating, your student loans will have to be paid back starting six months after you’ve left school. For many British Columbia Canada students, this can cause financial difficulties, and because of this, you need information regarding the BC Student Loan Forgiveness Program or the BC Student Loan Reduction Program, and you need to understand that these programs are not really intended for those who are simply having financial difficulties, but they should be taken advantage of if you are eligible for these two programs. If you are having trouble paying your BC student loans, and you do not fit the eligibility requirements for these programs, there may be other loan repayment assistance programs that can help you.
The BC student loan forgiveness program actually forgives your loan, or a portion of it. The BC student loan Reduction Program reduces the amount that you owe, or the BC student loan interest that you are charged for the loan, depending on your circumstances. In the end, it is not your choice regarding which program you participate in – it is based on the information provided for on the BC student loan application for assistance.
You must complete the first section of the BC application, and then send the application to the holder of your British Columbia Student Loan, so that the second portion can be completed. Once this is completed, you will need a letter that confirms your employment if you are applying based on your service in an underserved British Columbia Community, and this should b sent in with your application form. You must include an official transcript that confirms that you graduated from school, and this must be sealed. Section 4 of the application must be signed, and the entire package must be mailed to the Debt Management Unit of Student Aid BC.
There are many conditions associated with BC student loan forgiveness that you should be aware of. Not everyone is eligible. If you are a nurse, nurse practitioner, physician, midwife, or pharmacist, and your final year of school was on or after August 1, 2000, you are eligible. If you are an occupational therapist, a physiotherapist, a speech language pathologist, or an audiologist, you must have graduated on or after December 1, 2004. If you are a school psychologist, a teacher for deaf or hard of hearing students, or visually impaired students, you must have finished your final year by April 1, 2007. If you are a technology education teacher, you must have completed your final year of school on or after August 1, 2007.
Additionally, you cannot still be attending school, and you must be in good standing on your British Columbia student loans. You also must have graduated from an approved post secondary school. You must also continue your employment in the underserved community, because the BC student loan is forgiven at a rate of 33 1/3% for each year that you continue in that employment. Part of this program also entails the Province of British Columbia paying the interest on your student loan debt during this time. Each year, a letter must be submitted by your employer confirming your full year of employment, and you must fill out a new application each year.
The BC student loan reduction program is not a program that you actually apply for. Instead, it is an automatic program designed for those who are full time students who have completed the year of studies, and whose student loan debt is greater than the limit set each year by student aid BC. Note that this program is only intended for those who are still in school, and only available to those students who have no dependents.
Visit: BC Student Loan Forgiveness for more information on the British Columbia student loan forgiveness program. Visit: BC Student Loan Reduction Program for the more on British Columbia student loan reduction.
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