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British Columbia Student Loans For Full-Time Students

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! 

B.C. Full-Time Student Loans – Eligibility, How to Apply, & Grant Amount

Eligibility Criteria

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:

  • You must be a citizen of Canada, a permanent resident or hold the status of a protected person 
  • You should have a valid Canadian social insurance number 
  • You must also be a resident of the province of British Columbia 
  • You should have enrolled yourself in a full-time course, making your course your primary occupation 
  • Both the program you’ve chosen and the college you’ve enrolled yourself into must be eligible for a loan 
  • You should have proven financial need for a full-time student loan 
  • You should have satisfactory academic performance in each year/semester of your post-secondary course 

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

Income Threshold

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. 

How to Apply 

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 –

  • Start by gathering your valid BC Services Card and getting your identity verified. Don’t worry if you don’t have this card. New applicants can get on the BC Services Card app and set up a new application for it. Here you’ll also be able to access the loan application form from the StudentAid BC dashboard. 
  • From the list of the schools given, choose your post-secondary institution and fill in the duration you will need funding for. 
  • Be sure to pick a designated school only or you may not get your loan. 
  • Calculate the amount of money you will need to attend classes at your school. This can be done with the help of the financial need formula we discussed above. 
  • Once that’s done, use the StudentAid BC dashboard to apply online. You can log in via the BC Services Card app, fill out your application, and click submit. Be sure to go through the terms and conditions mentioned in the StudentAid BC Declaration and in the Canada Revenue Agency Consent and tick their boxes as that will help in the purpose of verifying the income information provided by you.

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. 

How Much Can You Get 

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
Child $747 $174

Rest assured, the total funding you receive will also cover educational costs such as books, tuitions, school supplies, fees etc.

Other Student Aid Options 

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.

Student Loans and Grants

Get Notified

  • Learn about new schools and available funding offers.
  • Stay informed on loans and grants as they are available.

Provincial Funding

Looking for student aid options offered by your local province? Choose your province of residence below to check out provincial funding options such as grants, loans, scholarships, and bursaries.
*All student funding, whether made available privately or through various government branches, is only approved to those who qualify, by the original source of funding. There are many criteria that each candidate must meet to be approved. Schools can only inform you of what may be available.