Managing student loans is getting easier for borrowers from British Columbia (BC).
The governments of Canada and BC have integrated their full time student financial assistance programs - Canada Student Loans and StudentAid BC - to simplify the borrowers' experience.
No more managing two student loans
Integration will simplify the management of your federal and provincial student loans. These loans will be managed as a single Canada BC integrated loan at the National Student Loans Service Centre (NSLSC).
There's no change to the administration of Canada Student Loans and Grants for part-time students.
As of August 1, 2011, if you're receiving funding, you'll:
- sign a joint federal-provincial loan agreement
- check the status and balance of all your loans at the NSLSC
As of July 2012, if you're in repayment you'll:
- make one monthly payment towards your integrated loan
- check the status and balance of all your loans at the NSLSC
To find out how integration affects you, read the following scenarios and choose the scenario that best describes your situation.
For the 2011/2012 school year,
*classes starting between August 1, 2011 and ending July 31, 2012, I'm:
- Apply for Canada - BC integrated student financial assistance through StudentAid BC.
- If you're approved for funding, you'll receive a Master Student Financial Assistance Agreement (MSFAA).
- The MSFAA will replace the BC Master Loan Agreement and the Certificate of Eligibility and Canada Student Loan Agreement.
- Sign and submit the MSFAA to a designated Canada Post outlet. They will confirm your identity and forward the MSFAA to the National Student Loans Service Centre (NSLSC) for processing.
- You will receive and manage your funding through the NSLSC.
- Your BC student loan (held at the BC Student Loan Service Bureau) will automatically be moved to the National Student Loans Service Centre and managed as a single Canada BC integrated student loan
- If you're not receiving funding after August 1, 2011, but you're returning to full-time studies, you still need to submit an application to maintain your interest-free status. You can:
- You'll continue to manage your loans through both the National Student Loans Service Centre (NSLSC) and the BC Student Loan Service Bureau (BCSLSB) until they are integrated in July 2012.
- In July 2012:
- your BC student loan will automatically be moved to the NSLSC and managed as a single Canada BC integrated student loan.
- you'll get a new consolidation agreement that outlines the new terms of your Canada BC integrated student loan
- Continue to manage your loans through both the National Student Loans Service Centre (NSLSC) and the BC Student Loan Service Bureau (BCSLSB) until all loans are integrated in July 2012.
- In July 2012, your BC student loan held at the BCSLSB will automatically be moved to the NSLSC and managed as a single Canada BC integrated student loan. You will be informed in writing.
- Continue to manage your loans and apply for debt management programs through both the National Student Loans Service Centre (NSLSC) and the BC Student Loan Service Bureau (BCSLSB) until your loans are integrated in July 2012.
- In July 2012, your BC student loan held at the BCSLSB will automatically be moved to the NSLSC and managed as a single Canada BC integrated loan.
- You'll get a new consolidation agreement that outlines the new terms of your Canada BC integrated loan.
- The amount of your monthly payment will not change (your single monthly payment towards your new integrated loan will be the same as your two current payments combined).
For the 2010/2011 school year,
*classes starting between August 1, 2010 and July 31, 2011:
- You'll receive a Master Student Financial Assistance Agreement (MSFAA). The MSFAA will replace both the BC Master Loan Agreement (MLAG) and the Certificate of Eligibility and Canada Student Loan Agreement (CE/SLA).
- Sign and submit the MSFAA to a designated Canada Post outlet to receive funding after August 1, 2011, even if you've already signed an MLAG.
- Canada Post staff will confirm your identity and forward the MSFAA to the National Student Loans Service Centre (NSLSC) for processing.
- You will receive and manage your funding through the NSLSC.
- If you have a BC student loan held at the BC Student Loan Service Bureau (BCSLSB) it will automatically be moved to the NSLSC and managed as a single Canada BC integrated student loan.
- For more information about how to receive your funding, visit www.StudentAidBC.ca
- To receive the funding you're eligible for, submit your loan documents to a designated Canada Post outlet as soon as possible. Canada Post staff will confirm your identity and forward your loan documents to the National Student Loans Service Centre (NSLSC) for processing.
- If you don't submit your documents right away, you might not receive your funding in July and you'll have to sign a Master Student Financial Assistance Agreement (MSFAA) (the MSFAA will be automatically mailed to you in August).
- The MSFAA will replace both the BC MLAG and the CE/SLA that you currently have.
- If you sign the MSFAA you won't receive your funding before August 1, 2011. If you dont want or need your funding, contact StudentAid BC to cancel your loan documents.
These scenarios are to be used as guidelines only. For more details on how the changes affect you, please contact:
National Student Loans Service Centre (NSLSC)
1-888-815-4514
StudentAid BC
Local Victoria: 250 387-6100
B.C. Lower Mainland: 604 660-2610
Anywhere else in Canada/U.S. (toll-free): 1-800-561-1818
TTY line for deaf and hearing impaired: 250 952-6832
Read the Frequently Asked Questions (FAQs) about the Canada BC student financial assistance integration for more information.
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