Cash Your Loan

How to receive your B.C. student loan money

After you have received your master B.C. student loan agreement in the mail, follow these steps to receive your loan. You do not need your notice of assessment to follow these steps.

1. Confirm your enrolment

Before your student loan money can be released, your school must confirm that you are enrolled in an eligible, full-time post-secondary program for the entire study period for which you have been awarded StudentAid BC funding.

If you attend a B.C. public post-secondary institution, your school will automatically confirm your enrolment electronically with StudentAid BC. If you are in wait-listed courses, your school will not confirm until you are formally enrolled in the course.

However, if you attend a B.C. private post-secondary institution or a school outside B.C., a confirmation of enrolment form will be mailed to you or your school about a month before you are eligible to receive the student loan funds.

If you attend a school in Canada that does not confirm enrolment electronically, the confirmation of enrolment form is mailed directly to your school. If you attend a school outside Canada, the form is mailed to you.

If this form is mailed to you, take it to your school to have your enrolment confirmed. Your school will then mail or fax the form to StudentAid BC.

Once your confirmation of enrolment form is processed, your student loan funds can be released.

If you lose your confirmation of enrolment form, you can print a copy by logging on to check your student loan application status.

If you are receiving more than one B.C. student loan disbursement during your application period (check your notification of assessment), your school must confirm your enrolment each time before the money can go out to you.

2. Confirm your identity at Canada Post

Take your master B.C. student loan agreement to a designated Canada Post outlet. Make sure to bring all the following personal documentation with you:

  • Your social insurance number card, or a copy of your Canada Revenue Agency notice of tax assessment.
  • Official government-issued photo identification, such as a driver’s licence, B.C. identification card or passport.
  • A void, personalized cheque with your bank account number.

Your master B.C. student loan agreement will be processed only if you provide all the documents listed above. If you do not have a personalized cheque, have your bank or credit union complete the electronic funds transfer section of your master B.C. student loan agreement. If you lose your agreement, contact StudentAid BC to have the document reprinted and sent to you.

At the postal outlet, staff will:

  • Make sure your master B.C. student loan agreement is valid for processing.
  • Confirm that you have provided proper identification
  • Confirm that you have signed your loan agreement
  • Forward your master B.C. student loan agreement to B.C. Student Loan Services Bureau for verification.

If you are attending a school outside of Canada and are not able to go to a Canada Post outlet, click here to find out how to cash your loan.

The identity confirmation procedure above is also required for Canada student loans. If you have received both your Canada student loan agreement and your master B.C. student loan agreement, you can take these documents to the postal outlet at the same time to have your identity confirmed for both types of loan.

Once a valid master B.C. student loan agreement has been processed for you, it is valid for the entire lifetime of your loans. It is the only one you will have to complete.

3. Money deposited to your bank account

After your master B.C. student loan agreement has been processed and your enrolment has been confirmed, your B.C. student loan funds will be electronically transferred to your bank account on or after the date shown on your notice of assessment.

You can then use the funds for the purposes set out in the master B.C. student loan agreement.

Special circumstances

If you are under 19 years old, you must have a guarantor so you can receive your B.C. student loan. A guarantor may also be required if you have declared personal bankruptcy on a B.C. student loan and have been re-instated. Learn more about guarantors.

If you are studying outside Canada, find out how to receive your B.C. student loan while overseas.

What about Canada student loans?

The process for receiving your Canada student loan money is similar to that for a B.C. student loan with some important differences. Learn more abour how to cash your Canada student loan.