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What is the BC student loan?

I am looking forward to pursuing graduate studies at a university in British Columbia. Securing a federal loan to finance my further education has been challenging. This is because I still have a student loan balance with one of my loans.

I tried applying for the student plus loan but I was not successful. The reason for this is my adverse credit history that I think arises from my incomplete repayment of a loan. I am currently undertaking a student loan debt consolidation to repay it.

Please provide information on the BC student loan.

Megan Page

in Student Loans

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Bethany Evans on March 22, 2018

To apply for this loan, you need to visit the StudentAid BC (SABC) website first. This website allows you to apply for grants, provincial, federal and student plus loans to supplement your finances. Additionally, this site helps borrowers to repay their loans. It offers a solitary avenue for applying for grants, loans and a solitary place to inquire about the same and make repayments.

The BC student’s loan is given by the provincial administration. On the other hand, the federal administration offers the Canada student loans. The BC loan can help you meet the costs of your graduate studies. People with student loan balances can still apply for this loan.

The status of your student loans debt consolidation is not considered either.

Both the BC loan and the Canada student loan are administered as the Canada-BC merged loan at the National Loan service.

Applying

  1. Go to the StudentAid BC (SABC) website.
  2. Verify from the Course Guide that you are undertaking the required credits to qualify for the loan
  3. Finish your application for a student loan online. Do this two months prior to the start of school to receive the finances before the tuition fee is demanded by the school.
  4. Present your Master Student Financial Assistance Agreement (MSFAA) on time. This is particularly important if this is your first application. Late submissions can make you miss meeting the tuition due date.

BC residency necessity

Students are categorized as:

  1. Dependent (A) or
  2. Independent (B).

This categorization is used identify your financial need and residency.

Dependent (A)

Students are put in this group if they are dependent on someone financially e.g. a parent, guardian, another sponsor etc.

Independent (B)

Students are identified as independent if they fulfill one of the following conditions in the least:

  1. Are wedded on the before the first classes, divorced, separated, widowed, a parent or a single parent.
  2. They graduated high school 4 years prior to their first class
  3. Have been in full-time labor for two periods of 12 continuous months and not be recipients of Canada Student Loans in that time.
  4. Lack parents i.e. student’s parents have disappeared or have died
  5. Have stayed with someone in a marriage like a union for a period of at least 1 year before the first class.

Maximum loan amount

This is dependent on the financial details that you submit when applying online.

Wilson Hansen2 years ago

I have noted that you had some challenges when it comes to repaying your student loans. I therefore wish to step in and offer you advice on how you can manage the interest on your BC student loan.

Interest on your student loan starts to increase immediately after the day your interest-free duration ends. However, loan repayments are not compulsory at this time. They are mandatory 6-months after you finish school. This 6-month period is referred to as the non-repayment time.

Should you choose to enroll in another recognized post-secondary establishment with this student loan, your accrued interest rate will be canceled. This is in case your grace period is yet to end. You will enjoy an interest-free position.

When you return to full-time post-secondary schooling but you do not want further loans, you will have to apply for the interest-free status from your loan provider.

 


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