B.C. loan forgiveness program

If you qualify for the B.C. Loan Forgiveness Program, the Province of British Columbia will forgive the outstanding B.C. portion of your Canada-B.C. integrated student loan debt at a rate of up to a maximum of 20% per year for up to five years.

If you complete five years of employment, all or a percentage of your B.C. student loan debt will be forgiven. While you are in the loan forgiveness program, the Province will also pay any outstanding interest that accumulates during each year you are registered in the program.

You may be eligible if you:

• are in repayment of an outstanding B.C. student loan (not restricted in default, delinquent or bankruptcy)
• have graduated from an accredited post-secondary educational institution
• are working at a publicly funded health care facility in an underserved community in B.C. or working with children, in an eligible occupation.
• are not enrolled in full-time post-secondary studies

Notes:

• To receive benefits under this program you will be required to demonstrate a minimum number of in-person hours of service in an eligible occupation at a publically funded facility either in an underserved community or working with children (see the What are my responsibilities under this program Section).

Instructions

Once you have been approved for the B.C. Loan Forgiveness Program, there are things you must do to maintain eligibility:

• At the end of every 12 months of employment under the B.C. Loan Forgiveness Program Agreement,(your one year anniversary date), you must submit, within 30 days, to StudentAid BC a letter from your employer confirming that you have completed 12 months of employment and verifying the number of hours of in-person service provided; and
• Maintain your current mailing and email address information with StudentAid BC.

Note: If your verified in-person hours of service is less than 400 and greater than 99 hours, your benefits under the program for that year will be prorated as indicated below.

Important: If you plan on applying for loan forgiveness, any payments you make prior to your approval for loan forgiveness benefits will not be used in the calculation for eligibility. Therefore, the balance at the date of registration onto the loan forgiveness program will be the balance used for the calculation of benefits.