Loan Processing - BC Loan Remission Program
Commencing August
1, 2000 the Loan Remission Program began to be phased out. The program
provided forgiveness of a portion of an eligible student’s British
Columbia Student Loan debt at the time of graduation. For those
students with BC Student Loans (BCSL) negotiated prior to August 1,
2000, the Loan Remission Program may still assist in the reduction of
their student loan debt.
Students who have
been receiving Canada Student Loans and BC Student Loans through the
Province of British Columbia may qualify for forgiveness of a part of
their BC Student Loan debt. Eligibility for remission is dependent upon the student’s
incurring certain levels of debt; demonstrating personal
responsibility by studying full-time, working full-time, actively
seeking employment (while volunteering) or caring for one’s
child(ren) age 11 or under, during the four-month pre-study period
prior to each educational period for which loans were received; and
completing their program in a timely manner (generally the defined
program length plus two semesters). As of August 1, 1997, a student who was a single parent for at
least 50% of the program last completed will have the grace period for
timely completion increased to two educational years or four
semesters/terms, depending upon the program of study/credential.
For students
completing their program requirements after July 31, 1995, debt levels
are:
- $20,000
if you have earned a first degree, diploma or certificate.
- $25,000
if you have earned a second certificate, diploma or degree or 1st professional
degree.
Note: Debt levels may change annually.
While Canada
Student Loan and BC Student loan debts are combined to calculate the
maximum debt level, loan remission only applies to the BC Student
Loan, not to the Canada Student Loan.
Loan Remission
applications must be submitted to the Student Services Branch of the
Ministry of Advanced Education, Training and Technology in Victoria
within one year of the program of study end date (not the Graduation
or Convocation).
A booklet
explaining the BC Loan Remission Program is available from the
Financial Aid & Awards Office, Kamloops Campus, or from the
General Office, Williams Lake.
Information
on Loan Remissions is also in the General Information Booklet in the
student loan package.