Financial Aid FAQs
Student Loan FAQs for BC Students
Is getting a student loan my responsibility or CBC's?
A student loan is like any other loan (eg. car loan). It is your responsibility to ensure that everything is done correctly for your
loan and that you receive your funds in time for registration. If you have questions about your loan process, please contact your student loan
provider (Canada Student Loans). You can check your loan progress by calling student loans or checking your online account.
If there is anything CBC needs to do to help you, please contact the financial aid office (sign documents, send letters, etc.). Do not
assume the CBC Financial Aid Office knows what is happening with your loan.
How long does it take to get a student loan?
We suggest that you start your student loan application at least 8 weeks before registration (July 1
for September start, October 1 for January start or March 1 for Summer courses).
Student loans generally take 6-8 weeks from application if everything goes smoothly, if there are
problems, it could take longer. Students must have their funding ready at registration, so apply early to ensure your funds come in on time.
Please be sure to have your correct address, phone number and email address on the application as all communication will go there and could cause
delays. If you move, update your information online or call your loan provider.
Once all your documents have been signed and processed, it can take 1-2 weeks to be deposited in your personal account. If no banking information
was made available to the loan provider, a cheque will be mailed and that could take 2+ weeks.
Please remember that as it gets closer to the beginning of classes (August & September or December & January) it could take longer to
complete the application process due to the high volume of application that Student Loans needs to process, apply early to avoid delays.
When can I start applying for government loans & grants?
BC Student loan applications open June 1 for classes between September 1 - August 31. You can start
application for BC student loans after you have registered for at least 9 credits (60%) at CBC. Apply early!
How do I apply for a student loan?
Students must be accepted and registered in their classes before applying for student
loans.
Full-time Students: Student Loan applications for students taking at least 9
credits (60%) in each semester are available online at www.aved.gov.bc.ca/studentaidbc.
Part-time Students: Students taking less than 9 credits should apply for a part-time student loan
What is part-time and what is full-time student status for Student Loans?
Your student status for student loans is different than your student status at CBC. If you are
taking at least a 60% course load (9 or more credits) each semester, you are considered a full-time student. If you are taking less than 60%
course loading (less than 9 credits) you are considered a part-time student.
How often do I need to apply for my student loans?
Student loans applications are only good for 1 academic year, students must apply for each year
(September - August) separately. Students starting in January or May can only apply for classes up to August 31.
What is the deadline for applying for government loans & grants?
You should always apply early, at least 8 weeks before classes start to ensure you have your funding
available at registration, however if you decide mid-semester or mid-year that you need a loan, you can apply at anytime up to 6 weeks before the end
of the school term (eg. you can apply in February for your school year that runs from September to April as long as it is 6 weeks before the end of
your school year)
How do Canada/BC student loans work? Is it one loan or is it two?
BC students applying for a student loan will complete one loan application, but will receive two separate
student loans; one from Canada Student Loans and one from StudentAid BC (BC Student Loans). These will come with two separate procedures,
forms & disbursements.
Will my student loan document come to me or to CBC? How will I know when it is available to
me?
BC, ON & US students will have their student loans and/or documents sent to CBC.
All other provinces will send their student loans directly to the student.
Canada Student Loans (come in September for most students) will arrive at CBC 2-4 weeks before classes
start. The Financial Aid officer needs to verify your enrollment and sign the document before you can take it to the post office to be processed. The
FAO will contact you by email when the document is ready to be picked up.
BC Student Loans (come in January for most students) will arrive 2 weeks before classes begin and a
confirmation of enrollment will be signed and faxed to BC student loans for you. The amount of the loan will be deposited in your personal account
(or mailed by cheque if no banking information was provided).
Will my student loan cover all my costs for the semester/year?
Students taking a full course load will generally not receive enough from student loans to cover all
their expenses for the year (tuition, room & board, books, etc.). There is a limit to the amount of loan funding available to students each
semester. Canada student loans will give up to a maximum of $7140 and BC student loans will give up to a maximum of $3740. Students with dependants
and students with disabilities may receive more. Students should be prepared to supplement their student loans to cover their semester living &
tuition costs.
When will my student loan money come?
Students starting in September and attending both semesters will receive the Canada portion of their
student loan in September and the BC portion of their loan for January. Students only applying for funding for one semester will
receive both the Canada and BC portion of their loans at the beginning of the semester they applied for.
ECE STUDENTS: ECE students are in classes for 3 semesters (Fall, Winter & Summer)
and this changes their loan disbursement dates. ECE students will receive their Canada Student Loan in September and the BC Student Loan in
March (1/2 way through their academic year). ECE students should be aware that they will have to pay their full January Tuition &
Fees at registration and cannot wait until the March disbursement.
Do I have to make payments on my loans while I'm in school?
No, you are eligible to receive interest-free status on your loans until 6 months after you cease being a
full-time student. You must complete a Certificate 2 for the BC portion of your loan and a Schedule 2 for the Canada portion of your loan (both are
available at the Financial Aid Office) at the beginning of your studies each school year to keep your student loans interest-free.
How do I keep my previous student loans interest-free?
Certificate 2 & Schedule 2 forms must be submitted to the Financial Aid office by October 15 for
those students continuing in their studies from the previous year.
Students who have already been making payments on their student loans should submit their Schedule 2
& Certificate 2 forms as soon as they are registered in classes to stop payment on their loans as soon as they are in classes.
If I am a part-time student do I need to make payments on my previous student
loans?
Yes, if you are not a full-time student, you will be required to make payments on any previous student
loans (payments will be required 6 months after you cease to be a full-time student).
Do I need a Social Insurance Number to apply for a student loan?
Yes, you need a SIN and you must also be a Canadian Citizen or permanent resident of Canada. You cannot
be on a student visa.
What happens if I drop below 60% one semester?
If you drop below a 60% course load (take less than 9 credits) for a semester when you have a
student loan, CBC will notify student loans that you are no longer a full-time student and you will be expected to start making payments on your loan
6 months from then. You will be considered withdrawn from full-time student loans and if you require funding, will have to apply for a new part-time
student loan. If you become a full-time student the following semester, you can apply for a new full-time student loan.
What happens after I finish my studies at CBC? When will I have to start paying my student
loan back?
Once you have finished your studies at CBC you will have 6 months before you will be required to start
making payments on any previous student loans. If you attend another college or university, please check with them about completing the necessary
documents to maintain your interest-free status.
Can I get government loans & grants if I am receiving other funding (EI, band
funding, training allowance, etc.)
Yes, government loans and grants are available to top up your resources if there is a demonstrated
financial need.
If I defaulted on a previous student loan, am I eligible to apply for a new student
loan?
Yes, but only after you receive a letter of clearance from Canada student loans and/or the province where
you arranged your student loan. This process could take up to one full year to complete.
Can I attend two institutions at the same time and receive government loans &
grants for both?
If you attend more than one school (eg. CBC & TWU or UFV), it is called "split enrollment". In some
cases, students can receive student loan funding for courses taken at their second school. Contact your home school about student assistance options.
The home school is the one that will issue your credential at graduation time.
What happens to my student loans if I transfer to another Educational Institution
mid-year?
If you have a student loan and you decide to attend another college or university mid-year, you may be
able to transfer the loan to the new institution. An Appendix 5 (Transfer of Award) for must be filled out by you and also both your old & new
institutions. Remember this can take time.
I just moved to BC. Can I apply for a BC student loan?
No, in order to apply for a BC student loan you must be considered a resident of BC. If you are a
dependant student, you are considered a resident of BC if your parent(s) or sponsor has resided in BC for the last 12 consecutive months, as of the
start of classes. If you are an independant student, you are considered a resident of BC if you have resided in BC for the last 12 consecutive
months, as of the start of classes, excluding time spent as a full-time student at a post-secondary school. Appeals may be considered for a variety
of reasons and can be made through StudentAid BC.
If I have questions about my loans, who do I contact?
If you have questions about your student loan it is best to contact first check the StudentAid BC
website. Copies of all documents sent to you and required are listed there, along with funding details & disbursement dates. If you need to speak
with someone to clarify something or to ask questions, contact Canada Student Loans. If you are still having difficulty, contact CBC's financial aid
office.
I am a student living with a disability. Is there additional funding available for
me?
Yes, StudentAid BC provides additional funding and grants to students living with a disability. Students
must apply for a Student Loan to qualify for this funding. See the Assistance Program for Students with Permanent Disabilities section of the
Financial Aid website for more information.
How do I access government grants?
Grants for low-income students are available through the regular student loan application process.
Students deemed to be eligible for grants will receive their grants in two portions, one in September with their Canada student Loan and one in
December/January on a separate document. Both documents will need to be processed through the post office.
How do I cash my student loans or grants?
Canada Student Loans: Canada student loans will come in a multipage document called a
Certificate of Eligibility and Canada Student Loan Agreement. This document will be sent directly to the College and will be signed by the FAO.
Students will be notified by email when the documents arrive and are available to be picked up. Students pick up the document from the school and
take it to the Post Office (the main one in Abbotsford) to be processed. You do not need to provide postage. Please ensure that documents are stamped
by the teller. Students will need to present their Photo ID & Social Insurance Card to prove their identity. A void cheque or your
bank account numbers are also required for direct deposit.
BC Student Loans: BC Student loans should be directly deposited into your account once
you have completed the BC Master Student Loan Agreement (which will be sent to your address and needs to be taken to the Post Office to be processed)
and once the school has confirmed your enrollment.
Low-Income Student Grants: 1st semester grant documents will be combined with the Canada
Student Loan, but deposited in two separate amounts when they are released. Documents for second semester will also arrive at CBC and students
will have to follow the same procedure as for Canada Student Loans (take them to the post office to be processed). Students will be notified by email
when the documents arrive and are available to be picked up.
APSD Grants: Students with disabilities will receive their grants in the form of a
cheque which will be sent to CBC. Students will be notified by email when the funding arrives.
Student Loan FAQ's for Out-of-Province Canadian students
How do I apply for a out-of-province Canadian Student Loan?
Student loans for out-of-province students are available through individual provinces. Please see our
listing of provincial contacts & information to apply for an out-of-province Canadian student loan.
Student Loan FAQs for US Students
How do I apply for a US student loan?
US Fafsa/Stafford & Sallie Mae Smart Options loans are available to US students. Please see our US
student loan section of the Financial Aid website for more information on how to apply.
For more information contact the Financial Aid Office
Financial Aid Homepage
