Bc student loan application

To receive student financial assistance, you must meet all of these basic eligibility criteria:

• be a Canadian citizen, a permanent resident or have protected person status
• have a valid Canadian social insurance number
• be a resident of British Columbia
• be enrolled in an eligible program of study at an eligible post-secondary institution
• be able to demonstrate financial need
• make academic progress and achieve satisfactory scholastic standing in each period of post-secondary study

All information submitted as part of your application, including information provided by your parents or spouse/common-law partner in appendices, is subject to verification.

Have you and/or your parent(s)/step parent/sponsor/legal guardian or spouse/common-law partner (if applicable) filed your Canadian income taxes? Income information from the Canada Revenue Agency is used to calculate your financial need when applying for StudentAid BC funding. Your previous year’s Canadian income tax information will be used in the assessment of your financial need. If you and/or your parent(s)/step parent/sponsor/legal guardian or spouse/common-law partner (if applicable) haven’t filed your previous year’s income taxes, processing of your StudentAid BC application may be delayed while your income is verified.

You can only apply to one province for funding.

You may not be eligible if you are:

• Delinquent or in default of previous student loans.
• Restricted from receiving StudentAid BC funding or have an overaward (in this case your funding may be withheld), or
• Incarcerated or have any outstanding warrants for your arrest.

B.C. residency requirement

To receive student financial assistance, you must be a resident of B.C. according to the criteria described below. To determine residency, students are classified either as Dependent or Independent. This classification is also used to determine financial need.

If you are classified as Dependent, your residency is defined as the Canadian province in which your parent(s), step-parent(s), sponsor or legal guardian have lived most recently for 12 continuous months.

If your parents are separated or divorced, or if your parent is single, only one parent's financial information is used to calculate financial need. This is the parent who is your main financial supporter.

As an independent student you are a resident of B.C. if:

• B.C. is the province where you last lived for 12 continuous months, as of your study start date, not including months of full-time post-secondary study; or
• you are an independent permanent resident, or designated as a protected person, living in B.C at the time of application and will spend the study period in B.C but have not lived in any one province for at least 12 continuous months. For example, if an independent student arrived in Canada as a permanent resident less than 12 months before the start date of classes, and intends to study in B.C., the student would be considered a resident of B.C. for student financial assistance purposes.

You can only apply to one province or territory for student financial assistance. Applying to more than one province will result in a restriction and verification of your application. Any funding you are eligible for will be delayed.

Your school eligibility

The first thing you will need to do is check your school designation under StudentAid BC. To receive funding, your school must be deemed eligible. In addition, there is special information if you are attending two schools, if you attend a private institution, or if you are going to school outside of B.C.

Here are some important things to consider before beginning your studies at a private post-secondary school in B.C.

• Is your school approved?
  Private post-secondary schools in British Columbia are regulated to ensure that standards of integrity and educational competence are met by private institutions offering post-secondary education in B.C.
• Career training schools
  You can only receive StudentAid BC funding if the private post-secondary school holds a Designated Institution Certificate from the Private Training Institutions Branch, Ministry of Post-Secondary Education and Future Skills, and has been designated by StudentAid BC.
• Degree granting schools
  Private schools that want to award degrees in B.C. must be approved through the Degree Quality Assessment Board. You can only receive StudentAid BC funding if the private degree-granting school is approved and has been designated by StudentAid BC.
• Signing an enrolment contract
  Once you have been accepted by a B.C. private post-secondary school that holds a Designated Institution Certificate, you must sign an enrolment contract. Enrolment at an accredited school designated by StudentAid BC requires that you complete this contract.

• Name and address of the school.
• Name of your course or study program.
• Start date, end date and duration of the course.
• Cost of the course.
• Date that the contract is entered into.
• Name, mailing address and signature of the student or guardian.
• Signature of the school official.
• A tuition payment schedule if you are paying by instalments.
• The school's tuition refund policy.

Attending more than one post-secondary school at the same time is called "split enrolment." In some cases, you can receive StudentAid BC funding for courses taken at the second school.

Before registering at your second school, check with the financial aid office at your "home" school about student assistance options. The home school is the one that will issue your credential at graduation time.

You may be eligible for funding if courses at the second school are:

• Offered with the same start and end date as those taken at the home school.
• An essential element of your study program.
• Counting for credit towards your certificate, diploma or degree at your home school.
• Either not offered by your home school or are full.

Your second school must be a designated school under StudentAid BC.

Split enrolments involving private vocational/trade schools are not permitted.

Here are some important things to consider before you enrol in a post-secondary school outside of British Columbia or Canada.

• Is your school designated for StudentAid BC funding?
• Are you studying outside Canada? If so, you may need a power of attorney.

For program year 2024/25, B.C. authorized and regulated online programs offered by B.C. public and private post-secondary institutions are eligible for StudentAid BC funding if they meet basic StudentAid BC program requirements.

Institutions located outside of B.C. delivering online, blended and distance learning programs must meet all basic StudentAid BC program requirements. In addition, a program meets StudentAid BC eligibility criteria if any of the following are true:

• The academic or career training program with the same study period length is offered and delivered at 100 percent course load on site; or
• A similar program where a student will earn the same number of academic credits in the same time period as a student in other StudentAid BC-eligible programs is delivered on site at the same institution; or
• A student will earn academic credits for 100 percent of the program at the undergraduate level for a program that is recognized as equivalent at another designated institution listed in the B.C. Transfer Guide, Alberta’s transfer guide or other comparable articulation agreements from other jurisdictions.

Note: All programs must also meet all other required StudentAid BC program eligibility criteria.

My program is not already approved

If the program is not already approved for StudentAid BC funding, a message will be posted to your dashboard for you to inform your school that they need to download a Confirmation of StudentAid BC Distance Education Eligibility form. Your school will need to complete this form before your B.C. student loan application is processed.

This must be completed by the financial aid officer at your school and returned to StudentAid BC for you to be considered for SABC funding.

Your financial need

StudentAid BC funding varies according to your financial situation, status, length of study program, number of dependants and other factors.

The amount of money you receive from StudentAid BC depends on your financial need, which is calculated using this formula:

Educational costs
- Student Resources
= Financial need

We subtract your total resources from your total educational costs to calculate your assessed financial need.

Your assessed need is then compared with the maximum weekly funding limit allowed for your study period. The lesser of these two amounts is what you are eligible to receive.

Student Living Allowances

The monthly student living allowances for each category of student are intended to cover costs for shelter, food, local transportation, and miscellaneous expenses. They are standard allowances for a moderate standard of living established by the federal government. The allowances vary based on a student's living situation and the province or territory where they will be studying.

The 2024/25 allowances for students residing in B.C. are below. Allowances for other living situations can be found in the SABC Policy Manual.

Note: These allowances are used to calculate your financial need and may not be the monthly amounts you will receive. The amount of student financial assistance available to you is determined by your assessed need, whether you have dependants, the length of your study period and the maximum amounts set by the Canada Student Financial Assistance Program and by StudentAid BC.

Educational costs:

• tuition, fees, books and school supplies
• moderate standard of living allowance for shelter, food, transportation and miscellaneous costs
• child/dependant living expenses
• day-care expenses

Student resources:

You are expected to contribute as much as possible to the cost of your own post-secondary education. The more you contribute from your own resources, the less you will have to borrow and repay.

What you are expected to contribute

The financial contribution expected from you will depend on the total family income declared on your previous year’s income tax submission to the Canada Revenue Agency, as well as other resources you may have that can be applied to your education costs.

You are expected to contribute to your education costs. A fixed contribution amount is calculated based on your prior year family income; other resources you have that are targeted toward your education costs, such as scholarships and other funding sources, are considered as well.

If you are classified as a dependent student, StudentAid BC may also expect a parental contribution from your parent(s), step-parent, sponsor or legal guardian based on the total family income declared on their previous year’s income tax submission to the Canada Revenue Agency.

If you are married or living common-law, a spouse/partner contribution may also be expected based on their total family income declared on their previous year’s income tax submission to the Canada Revenue Agency.

What your parents are expected to contribute

If you are an Independent student, no parental contribution is expected. However, if you are receiving money voluntarily given to you by your parents, declare this on your loan application.

If you are a Dependent student, a financial contribution may be expected from your parent(s), step-parent, sponsor or legal guardian based on the total family income declared on their previous year’s income tax submission to the Canada Revenue Agency. StudentAid BC will assess the amount based on family size, income and allowable deductions (such as income taxes payable, Canada Pension Plan contributions and employment insurance contributions).

Your parents' financial assets (term deposits, stocks, bonds, GICs, bank accounts and rental properties) will also be considered in the assessment.

Because the assessment process is complex, you are encouraged to contact us if you need more information about expected parental contributions.

If you are married or living common-law, your spouse or partner may be expected to make a financial contribution toward your education while you are attending post-secondary school.

If your spouse/partner is also attending school full-time, or is in receipt of employment insurance (EI), social assistance, or disability benefits, no contribution is expected.

Your spouse/partner may be expected to contribute to your education costs as well, and a fixed contribution amount will be calculated based on their prior year total income.

There are many sources of funding to finance your post-secondary education. They include:

• Scholarships, grants and awards administered by StudentAid BC.
• Other scholarships, bursaries and awards - check with your school for upcoming opportunities and deadlines.
• Direct loans from banks and credit unions.
• Financial support from community organizations and service clubs.
• Part-time employment.
• Family resources.
• For more information visit the explore funding options section.

Maximum funding limits

There are weekly and lifetime maximum funding limits that you should be aware of. Not all students receive the maximum amount.

2024/2025 weekly maximums

• If you have dependant children, you can receive up to $740 per week in combined loan and grant funding.
• If you do not have dependant children, you can receive up to $520 per week of full-time study.

The total amount you receive is determined by the length of your study period.

The following table shows the maximum amount and number of weeks of StudentAid BC funding you can receive over your lifetime. Weeks on in-study payment-free status also count towards your maximum number of weeks.

Note: Different maximums may apply if you received StudentAid BC funding between August 1, 2000 and July 31, 2006. See the StudentAid BC Policy Manual for details.

Exceptions

You can request funding beyond the maximum lifetime limit for BC student loans if you are near the end of your program and require the funding to finish your studies, or if there were exceptional circumstances that led to your higher borrowing amount. Contact StudentAid BC or your financial aid office for more information on how to appeal, or see Appeal Request for B.C. Student Loan Lifetime Maximum. There is no appeal for more Canada Student Loan funding past the maximum number of weeks.

If you reach the maximum number of weeks of StudentAid BC funding and are still in full-time study, you continue to be eligible for in-study payment-free status and the six-month non-repayment period following your studies. Your school will need to confirm your enrolment with the National Student Loans Service Centre (NSLSC) to have your student loan repayment deferred until after you have completed your studies and the 6-month non-repayment period ends.