Loan Processing - Helpful Hints to Avoid Student Loan Problems

• When you receive your loan documents proceed to the nearest Post Office as soon as possible as document must by fully processed within 30 days from being certified by the school. This certification imprint is already printed on the document.
• Make sure you know what types of loan you have - Canada Student Loan, BC Student Loan, or both.
• Remain enrolled for credit in 60% of a full post-secondary program of study. University Prep courses do not count for BC Student Assistance purposes.
• Know what makes up 60% of a full program load. It is 60% of the credits, not the courses.
• If you intend to drop courses or to switch from credit to audit, it is advisable to check with the Financial Aid & Awards Office to ensure it will not affect your student aid.
• Make sure you hand in your assignments, attend classes and seminars and write all quizzes and exams, otherwise you may be considered to have technically withdrawn from the course, which could drop you below the required 60% program load.
• All withdrawals (regular, medical and technical) which drop a student below the required 60% program load, result in reassessment and generally disentitlement to funds. Future student aid will also be affected and interest penalties may be incurred. Medical withdrawals may be reviewed by the government upon request if the physician indicates the withdrawal from studies was recommended.
• Any academic year in which you are not negotiating new student loans, yet are enrolled in full-time studies (60%), you may keep previous loans interest-free - get the appropriate forms from the Financial Aid & Awards Office.
• Check if you are eligible for Loan Remission and apply within one year of the end date of your program.  If you have no BC Student Loans negotiated prior to August 1, 2000 you will not be eligible.
• Keep track of all papers and payments relating to your loans - ensure you get a receipt for cash payments and keep copies of cancelled cheques.
• Do not rely on anyone other than Financial Aid & Awards Office staff any time you have questions concerning your loan. Student aid programs and policies change frequently and people who do not work directly with the programs are likely to have outdated information.
• Academic advice may conflict with student financial aid requirements. It is your responsibility to ensure your financial aid is not affected by academic decisions you may make or are advised to make.