How to Apply for a Student Loan

Full-time students

1. Choose the post-secondary school you want to attend, and determine the study period (registration period) for which you need funding.
2. Figure out how much money you need to attend school:
   • Use the financial need formula.
   • Complete the budget worksheet [154kb].
   • Check your eligibility for the maximum funding limits.
3. Complete the correct StudentAid BC application forms. There are several ways you can do this:
   • 
   • Request paper/hardcopy applications – the forms will be mailed to you.
   • You will need to refer to the school programs codes for 2008/2009 (for studies between Aug. 1, 2008 and July 31, 2009) or school programs codes for 2009/2010 (for studies between Aug. 1, 2009 and July 31, 2010) when completing the paper application form.
   • Contact us by mail, fax or phone to request forms.
   • Visit the financial aid office at the school you will be attending.
4. After you have sent in your forms, you can check your application status online. StudentAid BC will process your application within six weeks and notify you of the outcome.

Application deadlines

The latest you can apply for full-time student loans is six weeks before your study program ends as long you have provided all the required documentation.

The earliest you can apply for full-time student loans is when applications for the upcoming program year are made available to the public.

You do not have to be accepted into your study program before applying for student assistance, but you will not receive any money until your school confirms you are enrolled in full-time study and your study period has begun.

Your application may be audited at any time. If you are being audited, click here for more information.

What happens next?

To find out what happens next, go to assessment of your application.

Part-time students

The Financial Aid Program for Part-time Studies has loan and grant funding available to students attending post-secondary studies part-time.

There are changes to the Part-Time Canada Student Loan Program for study periods starting on or after August 1st, 2009.

Two key changes are:

1. In-study loan deferral option. You can choose to:
   • defer payments so that repayment won't begin until six months after your studies have been completed (interest will accrue); or
   • make payments while you are in school (first to any accrued interest, then to principal)
2. Maximum part-time principal loan limit has been increased from $4,000 to $10,000 to:
   • reflect increased educational costs; and
   • recognize that most part-time studies require more time for completion.

Note: This limit does not include interest so your loan balance could be more than $10,000 when you finish your studies.

Here are the basic steps to apply for a student loan if you are a part-time student (your family income must be below the amounts shown on the following chart):

1. Enrol in the designated post-secondary school you want to attend.
2. Fill in a part-time studies application for the federal financial assistance programs administered by StudentAid BC.

• For study periods starting on or after Aug. 1st, 2009 to July 31, 2010 for the following programs submit the 2009/10 part-time studies application [173kb].

• Part-time Canada student loan
• Canada student grant for students with permanent disabilities
• Canada student grant for part-time students with dependants
• Canada student grant for part-time students
• Supplemental bursary for students with disabilities

• For study periods starting on or after Aug 1st 2008 to July 31, 2009 for the following programs submit the 2008/09 part-time studies application [181kb].
• Part-time Canada student loan
• Canada study grant for high need part-time students
• Canada study grant for students with dependants
• Canada access grant for students with permanent disabilties

3. If you are attending a public post-secondary institution in B.C., take your application to the financial aid office at your school. Your school will fill out its section and forward the application to StudentAid BC.
4. If you are attending a private or out-of-province post-secondary institution, click here for further information, or e-mail SABC.SpecialPrograms1@gov.bc.ca.

Application deadlines

The latest you can apply for part-time student loans is six weeks before your study period ends.

The earliest you can apply for part-time student loans is when applications for the upcoming program year are made available to the public. You must be accepted and enrolled into your study program before applying for part-time assistance.

Unlike full-time student loans, there is no 340-week maximum for assistance under the part-time loan program. Funding can continue over an extended period. However, your outstanding principal and interest for all Canada student loans cannot exceed $4,000 at any given time. As of Aug 1, 2009 the loan limit will be increased to $10,000.

Please e-mail questions about the part-time student loan program to SABC.SpecialPrograms1@gov.bc.ca.

What happens next?

To find out what happens next, go to assessment of your application.