Financial Assistance
Provincial governments and the Government of Canada offer a variety of Financial Aid programs to students.
LOANS
You have probably heard about Canada Student Loans and that the Province of BC also has funding, but may be confused by the number of programs, and what is the quickest and easiest way to get funding.
The normal method of application is through the online site at www.studentaidbc.ca, but paper applications are available from the Financial Aid & Awards Office for those unable to apply online.
The information that is provided assists you in applying for following kinds of loan and grant funding:
- Canada Student Loan
- BC Student Loan
- Canada Student Grant for Students with Dependents
- Canada Student Grant for Persons with Permanent Disabilities
When you correctly complete the application form, the Ministry of Advanced Education will determine your eligibility for aid from each of these funding programs, and issue the financial aid accordingly.
NON GOVERNMENT LOANS
BC Youth Foundation Loans
The Foundation makes loans to BC young people to a maximum age of 30. Students eligible for government loans should first apply to that source. A suitable adult guarantor is required for all loans. Students normally start repaying their loans when they are employed. The monthly payment is arranged on a basis of how much the student owes and what he or she can afford, and is quite flexible. The Foundation requires that a prospective applicant be interviewed by an Awards Advisor of the institution the student is attending or plans to attend. Further information may be obtained from the Financial Aid and Awards Office.
Bank Loans/Lines of Credit
Students who are unable to qualify for government student assistance may be able to access educational funding through some of the banks. A co-signor is generally required for students who are under the age of majority. Interest on the loan or line of credit must be paid monthly while the student is enrolled. In certain cases, loans are also available to part-time students, with payments of both principal and interest due monthly.
Canadian Forces Personnel Assistance Fund
This fund offers low-interest education loans for serving and retired service members and their dependents who are attending full-time post-secondary courses of study, including adult education programs. To be eligible for these low interest loans the serving or former member must have served in the Canadian Army after October 1, 1946, or in the Canadian Forces after January 31, 1968, and have a minimum of 5 years Regular Force military service. Limits of Assistance - applications available from Canadian Forces Base Financial Counsellors, district offices of Veterans Affairs Canada, and the Provincial Command offices of the Royal Canadian Legion, or by writing to CFPAF, 234 Laurier Avenue West, Ottawa, Ontario, K1P 6K6. Deadline: June 30. Telephone: (613) 760-3447 or toll free 1-888-753-9828.
Canadian Higher Education Loan Program (CanHELP)
International Education Finance Corporation provides the Canadian Higher Education Loan Program CanHELP.
- Objective: This innovative program is designed to increase the opportunities for Canadian citizens who wish to study at approved colleges and universities throughout the world.
- Eligibility: Students and/or co-signors must be Canadian citizens or permanent residents. Programs are available to both Undergraduate and Graduate students who are enrolled at approved colleges and universities. Applicant(s) must satisfy credit approval criteria.
- Loan Amounts: Students may apply for up to the cost of education including tuition, fees, room and board, and all costs of attending college in the US less other financial aid and/or loans. The minimum loan amount is US$ 2,000 per academic year. Graduate students may borrow a maximum of $15,000 per year on their own signature.
- Interest Rates: The interest rate will be variable, adjusted monthly to the published Wall Street Journal US Prime Lending Rate + 1.5%.
- Fees: A guarantee fee, 7% with an eligible co-signor, will be deducted from the principle upon disbursement. Graduate students may borrow up to $15,000 without a co-signor. In that case, they will incur a 9% guarantee fee at the time of disbursement and a 2% fee upon entering repayment.
- Repayment/Deferment: The servicer will compute a monthly payment amount, amortizing the principal over the agreed-upon repayment term. There are no prepayment penalties. Borrowers will have up to 25 years to repay their loan depending on the amount borrowed.
- Three repayment options are available to both undergraduate and graduate students:
(1) - Immediate Repayment - Pay principle and interest beginning 45 days from disbursement. Deferred Repayment
(2) - Pay interest only while enrolled for up to four consecutive years. Deferred Repayment
(3) - Deferment of principle and interest is available while in school or an approved residency/internship. Full monthly principle and interest payments must begin 6 months after graduation, separation or completion of an approved residency/internship.
Administered by the International Education Finance Corporation, 222 Forbes Rd Suite #406, Braintree, MA 02184 USA Phone: 1-888-296-IEFC(4332) or (781)- 843-5334, Fax: (781) 843-9034, Email: Iefc@aol.com Web site : www.iefc.com.
P.E.O. Educational Loan Fund
The P.E.O. Sisterhood makes loans available to qualified women who desire higher education and are in need of financial assistance. Loans are made for educational purposes only. A woman is eligible to receive consideration for a loan if she is a high school graduate (or equivalent), is a citizen of the United States or Canada, and is recommended by a local chapter of the P.E.O. Sisterhood. Further information available from the Financial Aid & Awards Office.
Royal Canadian Naval Benevolent Fund
Financial assistance in the form of interest-free loans is available to members and former members of the Naval Forces of Canada or their dependents for purposes of attending college, university or other educational and vocational institutions. Bursaries are also available from the Chief Petty Officer Andrew McQueen Jack Educational Trust Fund. Contact RCN Benevolent Fund, PO Box 505, Station �B�, Ottawa, Ontario, K1P 5P6 for information, supplying full details of service, age and marital status, to establish eligibility. Telephone: 1-(888)557-8777, Email: rcnbf@sympatico.ca.
TRU Emergency Loan Program
A short term loan fund has been established for assistance to students in emergency situations who are performing satisfactorily in their program of studies (normally a minimum 2.00 Undergraduate GPA). This fund is not intended to meet general education costs faced by all students. The loans are interest-free and therefore must be repaid as soon as possible. In all cases, students must be able to demonstrate a definite means of repayment. This may be Student Loan & Grant funds, or another guaranteed future payment. Students must have been in attendance a minimum of one month before an application may be considered and are required to have an interview with a Student Finance Advisor.