Determine Your Eligibility

Financial need

How student assistance is calculated

StudentAid BC funding varies according to the student’s financial situation, status, length of study program, number of dependants and other factors. This part of the website will help you find out how much aid you may be eligible for.

Financial need assessment

The amount of money you receive from StudentAid BC depends on your financial need, which is calculated using this formula:

Educational costs – student resources = financial need

Educational costs include:

  • Tuition, fees, books and school supplies.
  • Moderate standard of living allowance for shelter, food, transportation and miscellaneous costs.
  • Child/dependant living expenses.
  • Day-care expenses.

Student resources include student contribution, parental contribution and spousal contribution.

StudentAid BC subtracts your total resources from your total educational costs to calculate your assessed financial need.

Your assessed need is then compared with the maximum weekly funding limit allowed for your study period. The lesser of these two amounts is what you are eligible to receive.

There are also lifetime funding limits you should be aware of when planning your post-secondary education.

Student financial contribution

You are expected to contribute as much as possible to the cost of your own post-secondary education. The more you contribute from your own resources, the less you will have to borrow and repay.

What you are expected to contribute

The financial contribution expected from you will vary depending on your total savings, income earned, or other financial resources. This money must be used to help meet your educational costs.

Under StudentAid BC, any non-taxable income and assets are also considered to be part of the student contribution, and will be assessed at up to 100 per cent of their value.

If you are classified as a Group A (dependent) student, StudentAid BC may also expect a parental contribution from your parent(s), step-parent, sponsor or legal guardian.

If you are married or living common-law, a spouse/partner contribution may also be expected.

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Parental contribution

Federal government policy states that "parents are expected to plan for and make adequate financial preparation in anticipation of the student's post-secondary education. It is expected that the funding of the student's education will be a priority for the family. Situations that arise due to a lack of preparation or due to the directing of resources towards priorities other than the student's education will not normally be considered."

What your parents are expected to contribute

If you are a Group B (independent) student, no parental contribution is expected. However, if you are receiving money from your parents, you should declare this on your StudentAid BC loan application.

If you are a Group A (dependent) student, a financial contribution may be expected from your parent(s), step-parent, sponsor or legal guardian. We will assess the amount based on family size, income and allowable deductions (such as income taxes payable, Canada Pension Plan contributions and employment insurance contributions).

Your parents’ financial assets (term deposits, stocks, bonds, GICs, bank accounts and rental properties) will also be considered in the assessment.

Because the assessment process is complex, you are encouraged to contact StudentAid BC if you need more information about parental contributions.

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Spouse/partner contribution

If you are married or living common-law, your spouse or partner will be expected to make a financial contribution toward your education while you are attending post-secondary school.

If your spouse/partner is also attending school full-time, or is at home caring for your children aged under 11, no contribution is expected.

Assets owned by you and your spouse/partner will be considered by StudentAid BC in determining your need for student funding.

Other sources of funding

There are many sources of funding to finance your post-secondary education. They include:

  • Scholarships, grants and awards administered by StudentAid BC.
  • Other scholarships, bursaries and awards – check with your school for upcoming opportunities and deadlines.
  • Direct loans from banks and credit unions.
  • Financial support from community organizations and service clubs.
  • Part-time employment.
  • Family resources.

For more information visit the explore funding options section.