BC Student Loan Interest Relief Program
The BC student loan interest relief program is a unique program designed to help you repay your student loan, without the loan adding a financial burden, and also helping you to retain your credit score, and to remain in good standing on your BC student loan payments. One of the nice things about this program is that it is true interest relief. While you are in the program, you will not have to pay any interest on the principle.
If you’ve finished school, and you are having trouble repaying your student loans, there are options for you. In some cases, you may be eligible for the loan forgiveness program, but in other cases, your only option may be the British Columbia Student Loan Interest Relief Program.
The first thing that you want to do is to use the online application form for the BC student loan lnterest relief program. This is easy to access, and you will get a faster response by using the BC online form. Additionally, if your income is low enough, you may not even have to make any payments while you are eligible for the BC student interest relief program. Interest relief can be approved for anywhere from six to thirty months. Furthermore, if you have only been out of school for less than five years, you may be eligible for extensions on this as well.
BC Student Loan Interest Relief Program Criteria
There is certain criterion that you must meet in order to be eligible for this program. First, you must live in Canada, but you could also be enrolled in an international internship program as well. You also must be in the process of repaying your BC student loans. Your income must fall within the approved guidelines, and you must not have already reached the maximum length of BC interest relief.
The British Columbia student loan relief could be extended after you reach the thirty month limit under certain conditions. You must have been out of school for less than five years and meet all other criteria for the BC interest relief. In either case, you cannot be more than five months behind on your BC student loan payments in order to qualify. If your student loan has already been moved to Revenue Services for collection, you will not be eligible for this program.
Applying is quite easy. Simply fill out sections one, two, and three of the BC student loan application form. You do not have to provide proof of your family income with the application form. While this is not required, you could be audited for the information, and you must comply with requests made for this audit. Failure to do so will result in ineligibility for the program now and in the future, your BC loan will become payable again immediately, and the BC interest that you were not required to pay while in the BC program will instantly be added back to what you owe.
After completing sections one, two, and three, make sure that your spouse or partner takes care of section four, providing his or her social insurance number and signature. You need to sign and date section five of the form. The form must be submitted within thirty days of those signatures, or you will have to start all over again.
It is also important that you understand that just applying does not put your BC student loan payments on hold. You must continue to make your BC payments while you are waiting for your application to be processed. Each time you are approved for a period of BC student interest relief, your loan will be extended by five years. If you need interest relief for Canada Student Loans, you must apply for such relief separately, through the National Student Loan Service Centre. Visit: BC Student Loan Interest Relief Program to apply for BC student aid forgiveness.
