January 17, 2017
In this informative blog, Maria of Drake Medox College helps you better understand if you might qualify for Government Student Loans.
Welcome to the first edition of my Student Loan blog series. In this issue I want to give you some insight into the application process for BC and Canada National Student Loans. Advancing your education is the best option of getting ahead in life. Every dollar you spend on your education is an investment in yourself.
Education can be expensive but there are different resources available besides your parents’ bank account. They start with flexible payment plans offered by a school itself, student bank loans or the student loan offered by the Government of Canada.
The Government of Canada works with most provincial or territorial governments to deliver Federal and Provincial student loan programs. Before you can receive a government student loan you need to verify that both the school’s program and you as an applicant are eligible. Both the Health Care Assistant and Community Support Worker programs at Drake Medox are eligible. To find a list of all schools and eligible programs you can visit the StudentAidBC website: https://studentaidbc.ca/apply/designated
Your eligibility for the StudentAid BC loan is defined by 8 criteria listed below. You must meet ALL of them in order to get your application approved.
BC residency, the third criterion, requires that you have lived in British Columbia for the past year. However there are some special circumstances taken in to consideration.
Credit check is completed for every new applicant for the Government student loans. Your credit score needs to be in a good standing. The basic guideline is that in last 3 years you did not have any of the following:
Once you have determined that you meet all requirements, and you have registered for an eligible program, you are ready to start your StudentAid BC student loan application!!
In most cases you will be required to complete your application online, directly at the StudentAid BC website (https://studentaidbc.ca/) . Your application is a 5-step process involving you as an applicant, your spouse or parent if applicable and your school.
Both you and your spouse or parent will be asked to print Declaration Page where you agree with the terms of the loan. Signed Declaration Pages must be mailed to the StudentAid BC office for your application to be processed.
This wraps up the StudentAid BC loan application process. If you find these tips helpful, stay tuned for the next part where I am going to look more closely on the next steps once your student loan application is approved or declined.
If you have specific questions regarding your eligibility for Student Loans you can contact either Maria or Kunqi @ Drake Medox College’s Vancouver campus at 604 629-0196