Your loan responsibilities

Loan application instructions for the 2016/2017 program year (for classes starting between Aug 1 2016 and July 31 2017)

When you receive your student loan and are attending classes, there are certain things you must do to stay interest-free and eligible for future funding.

Pay tuition and other required fees first

The money provided by StudentAid BC is for your education. Your first responsibility is to pay the tuition fees and other required fees to your school. That has priority over all other costs for which you may have received funding.

Your school may have part of your funding sent directly to them, as payment towards your tuition.

Continue in full-time studies

To stay eligible for StudentAid BC loans or grants, you must attend school full-time for the entire study period for which you have received funding.

If you drop below the required course load during your first semester/term but plan to attend full-time in the second semester/term, you must submit a new application for student assistance. Your new application will be assessed once the withdrawal process at your school is complete.

If you stop attending classes, drop below your required course load, or fail to maintain the minimum number of weekly instructional hours for non-academic programs for your entire study period, but you do not formally withdraw from school, you may still be considered withdrawn for student assistance purposes.

You will be considered withdrawn if:

  • You miss two consecutive weeks of study (no attendance), or
  • You drop below 60% of a full-time course load for three consecutive weeks of study, or
  • You miss enough classes that school officials feel you cannot successfully complete the program

If you withdraw from school two times while receiving B.C. student financial assistance, you will be denied further funding by StudentAid BC.

Maintain a satisfactory scholastic standing

To continue receiving financial aid, the Canada Student Financial Assistance Act, Canada Student Loans Program policy and StudentAid BC policy require you to maintain a satisfactory scholastic standing.

Withdrawing from school or failing to progress at school

You will not be able to receive more student assistance, and you will be disqualified for interest-free status on any previous student loans if:

  • You withdraw from a full-time course load on two separate occasions while receiving student assistance or interest-free loan status.
  • You fail to achieve satisfactory marks in 68 weeks or more of full-time study while receiving student assistance or interest-free status.
  • You fail to maintain continued part-time enrolment and/or fail to successfully complete all courses for which you were awarded your part-time funding.

If you withdraw from, or otherwise do not successfully complete, part-time studies, federal policy requires:

  • A part-time student borrower who fails to meet a satisfactory scholastic standard during a funded period of studies is restricted from receiving funding during subsequent periods of part-time studies.
  • Students who have not successfully completed courses funded through part-time student financial assistance may be reinstated to receive part-time funding provided they demonstrate successful completion of one semester funded through their own resources.

If you withdraw from full-time studies:

  • Your school will automatically notify us that you no longer meet requirements for assistance.
  • Your funding will be re-calculated based on the number of weeks you actually attended school.
  • You will be notified how your withdrawal decision affects your student loan or grant.
  • Any tuition refund you are eligible for will be applied to your outstanding loan balance if your school received tuition from your student loans.

Requalifying for full-time student assistance depends on several conditions, including successfully completing full-time studies for two semesters or one academic year without StudentAid BC assistance.