How to receive part-time funding

Assessment

The Assessment will be available on your Student Account for part-time students after your part-time application has been assessed.

The Assessment usually takes between 3 to 6 days, when all required information has been submitted, but can sometimes take longer depending on your individual situation.

The Assessment will:

  • Indicate the type of funding you have been approved for (loan, grant/bursary).
  • Show the amount of money you may be eligible to receive.
  • Tell you when you are eligible to receive your money.
  • Include a 10-digit Master Student Financial Assistance Agreement (MFSAA) number.

Master Student Financial Assistance Agreement

If you are approved for part-time funding through StudentAid BC you need to complete and agree to the Terms and Conditions of the Master Student Financial Assistance Agreement (MSFAA). The MSFAA is a legal agreement between you, the Province of British Columbia, and the Canada Student Financial Assistance Program about borrowing and repaying your student loans.

The MSFAA is a multi-year agreement; you don't have to submit a new agreement every time you apply for part-time funding through StudentAid BC.

Do I need a Master Student Financial Assistance Agreement?

Yes, to receive StudentAid BC funding, new applicants are required to:

  • Register for an account with the National Student Loans Service Centre (NSLSC);
  • Complete their MSFAA online and accept the Terms and Conditions of the Agreement.

You will require a new MSFAA if you:

  • Are a first-time loan or grant recipient enrolled in part-time studies;
  • Have not received loan or grant funding for two years or more;
  • Have recently received loans or grants in another province/territory, but since established residency in British Columbia.

I am re-applying for StudentAid BC funding. Do I need a new MSFAA?

Only if you haven’t received StudentAid BC funding for a period of two years or more; otherwise, your existing MSFAA is still valid.

How do I complete an MSFAA?

Your Assessment will be available on your Student Account for part-time students after your part-time application has been assessed. You will also receive a “Welcome Email” from the National Student Loans Service Centre (NSLSC). The “Welcome Email” will provide you the link to register for an online account with the NSLSC and complete your MSFAA. Your Assessment will include a 10-digit MSFAA number which you will use to complete your MSFAA. You will need to wait for your Assessment to become available with your MSFAA number to complete the MSFAA process on the NSLSC website.

Who do I contact for help with creating my NSLSC account?

Visit the NSLSC Frequently Asked Questions help page or contact the NSLSC at: 1-888-815-4514.

Note: The British Columbia Student Assistance Program (BCSAP) referred to in your B.C. student loan agreement is now called StudentAid BC.

What happens the next time I apply?

When you agree to the terms and conditions of the MSFAA, your agreement applies to all assessed funds for part-time studies from that date forward. The next time you apply for part-time student financial assistance you will not have to submit a new MSFAA. Just complete and submit a new part-time application and view and accept your Assessment. Once your enrolment is confirmed by the post secondary institution you are attending, the funds you are eligible for will be deposited electronically into your bank account and/or forwarded to your school to pay your academic fees.

Confirm your enrolment

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

After your MSFAA has been processed by the NSLSC, your school will automatically receive a request to confirm your enrolment with StudentAid BC.

Your school may instruct the lender (NSLSC) to send all or part of your funding directly to them to pay for your tuition and mandatory fees.

Money released on or after the disbursement date

After your MSFAA has been processed and your enrolment has been confirmed, your funds will be either deposited electronically into the bank account you have specified or forwarded to your school. The deposit usually occurs within seven business days of the confirmation of enrolment date.