The road to higher education and a better career can seem like one riddled with stumbling blocks. From deciding on a course to finding a college and then arranging fees for the same – challenges abound.
But fear not, dear British Columbian student! The fix is always at hand. If you’re planning to pursue a full-time secondary education course, you can avail of the loans the government of British Columbia offers for full-time students. A joint program in which the federal government plays a part too, you can borrow funds under this loan to provide for your education. Don’t worry, it’s administered as a single loan and repayments are made in single instalments per month once the course is over.
Let’s take a look at the details of the program!
The first and foremost step towards getting this loan is ascertaining whether you’re eligible for it or not. Check if you meet the following criteria:
Bear in mind that you will not be considered eligible if you’re a delinquent or are a defaulter on any of your previous student loans. You can also be deemed not eligible if you have an over-award, are restricted from receiving StudentAid BC, are imprisoned or have an outstanding warrant for your arrest.
Note – You can check if your chosen institution is eligible or not here.
The next thing on your list should be knowing if your family’s income threshold makes the cut. While there’s no fixed chart that explains exactly the minimum and maximum income bracket you need to fall under to qualify, there is a concrete formula that can help you determine whether or not you can apply for the British Columbia student loan. Here is the formula used to determine your financial need –
Financial Need = Educational Costs – Student Resources
Once the total resources at your disposal are subtracted from the total educational costs you’ll have to incur, you end up with the figure that determines your financial need. This financial need is then consequently compared to the maximum weekly funding limit available to you for the duration of your course. Whichever of the two amounts is lesser will be granted to you as a student loan.
We’ll discuss exactly how much you can get in the sections below.
Got the basics so far? Well, the next logical step is to figure out how to apply for a British Columbia full-time student loan. Here are the detailed steps you’ll need to follow –
That’s it for the steps. However, there are certainly other things you still need to keep in mind. Be sure to apply in time. That maximum window open to you is at least 6 weeks before the completion of your study program as long as every requisite detail and document is furnished. As for the earliest time you can apply, this would be in the month of June each year.
Once your application has been submitted, it will be examined. If your application is accepted, you will be notified about the amount of funding you will receive. You can always check your application status online.
Here it is! The moment you have been waiting for with bated breath. Before we lay down the numbers you could receive as funding, it is important to note that these figures can change annually. With that said, here’s how much you can get.
As a full-time student without dependents, you are eligible to receive a maximum of $210/week under the Canada Student Loan and $110/week under the BC Student Loan, coming up to a total of $320/week.
For students with dependents, the maximum figure stands at $210/week under the Canada Student Loan and $140/week under the BC Student Loan, coming up to a total of $510/week.
Again, these figures are applicable for the 2022-23 educational session. Your final funding amount will be disclosed to you once your application is accepted.
Here’s a breakdown of the living allowances offered under this loan –
|B.C. Living Allowances||Monthly||Weekly|
|Single student living away from home||$1,716||$399|
|Single student living at home||$724||$168|
|Single parent (add child allowance x number of dependents)||$2,104||$489|
|Married student/spouse (add child allowance x number of dependents)||$3,220||$749|
Rest assured, the total funding you receive will also cover educational costs such as books, tuitions, school supplies, fees etc.
Afraid you might not qualify for a British Columbia Student Loan for Full-Time Student Loan? You still have plenty of other avenues you can look into such as BC Student Grants, BC Scholarships and BC Bursaries among others.