Finding the Requirements to Take BC Student Loans

BC student loans represent financial assistance provided by the government of British Columbia to its citizens and permanent residents as part of an ample partnership with the Canadian government. The available programs include not only loans but grants, bursaries and scholarships too. When filing your funding application, just one form is required for both provincial and federal government programs. Yet, the rates have to be handled separately for each government when it comes to repayment. BC student loans can be accessed if the applicant meets the following eligibility criteria:

- You must have permanent residence in British Columbia and Canadian citizenship;
- You should be enrolled with a certified school;
- You must prove your financial need;
- For regular courses, you have to take up at least 60% of the full course load, and for people with disabilities  the rule is 40%;
- Your payments on any other loan should be on schedule;
- Good academic performance is a must;
- The maximum funding limit should not have been exceeded; Students who have insurance numbers beginning with 0, 3 or 8 are not eligible.

With just one application filed online you get access to BC student loans. The same type of paper work can be conducted through StudentAid BC services. It is important to make all the inquiries and complete all the forms quite some time in advance so that they can be processed and approved. Otherwise you cannot get the necessary funds at the beginning of the academic year.

Specific application forms may be necessary for bursaries and scholarships, as the access to these grants is different from the basic loan applications. When BC student loans are approved, students have to provide all the documents necessary according to the specifications they’ve included in the application forms. Your financial needs will influence the amount that will be allocated to you in the form of a loan. You can pay for tuition, equipment and books, board and living within moderate limits and some transportation costs out of BC student student loans.

No repayment is required for BC student loans while you are in school. The federal or provincial government will cover the interest rate for this period. The moment you stop attending school or you graduate, you must start the repayment of the loan. The same thing happens when you reach the lifetime maximum limit, meaning that you can’t borrow anything more. Do not sign any loan contract unless you agree with the repayment conditions.

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