Student Loans & Grants

Learn about financial aid options to help pay for your education at SAE Institute.

Overview

Overview: Understanding Government Student Loans in Canada

The Government of Canada offers Canada Student Loans to post-secondary students who demonstrate financial need in most provinces and territories across Canada who are Canadian citizens or landed immigrants through the Canadian federal and provincial government student loan programs.

To apply for a student loan, you must send your loan application through your province of residence. The Canada Student Loans Program (CSLP) works in partnership with most provinces and territories to deliver student financial assistance, meaning that approximately 60% of your loan (dispersed twice a year) will come from the Government of Canada, with the remaining provided to you in the form of provincial student loans.

You may also be eligible for various grants-when you apply for a student loan, you will automatically be assessed for any Canada Student Grants you may be eligible for.

 

Provincial Financial Aid

Provincial Student Loans: British Columbia

Residents of British Columbia apply for loans through Student Aid BC. This combines the Federal Canada Student Loan Program and the Canada Study Grant for Students with Dependent Children with the Provincial BC Student Loan Program.

Applications can be completed online at www.studentaidbc.ca.

Provincial Student Loans: Additional Provinces

For students whose home province is not British Columbia, please refer to the following appropriate website listed below:

 

Application Process: Student Aid BC

FULL-TIME STUDENT FUNDING

  • To receive student financial assistance through StudentAid BC, you must be a resident of BC.

  • For more information, go to the BC Residency Requirement page

  • Available for education and living expenses.


STEP 1: BEFORE YOU APPLY

Ensure you meet the eligibility requirements:https://studentaidbc.ca/apply/eligibility:


STEP 2: WHERE TO APPLY?

Applications are submitted through the Student Aid BC (SABC)Portal. Grants are assessed automatically at the time of loan processing by SABC.


STEP 3: HOW TO APPLY?

1. Visit StudentAidBC for instructions on how to apply for a Full-Time loan.

2. Once your application is processed by SABC, a Notice of Assessment (NOA)will be posted to your SABC Dashboard, within 6 weeks.

  • If it's your first time receiving funding or you have not received a loan/grant funding in over two years, you must complete a Master Student Financial Assistance Agreement (MSFAA). Follow the instructions in your SABC portal on how to submit the MSFAA.

  • Once received, SABC will request SAE Vancouver to confirm your full-time enrolment.

3.Confirmation of Enrolment

  • SAE Vancouver will confirm your enrollment electronically close to the start date of classes.

  • You must meet all eligibility requirements for confirmation.

4.Disbursment of Funds

  • After your MSFAA has been completed and processed and your enrollment is confirmed, your funds will be released.

  • Funds are sent after the confirmation of enrolment is completed and it may take 7 - 10 business days to arrive.

  • Find more details here: https://studentaidbc.ca/apply/receive#full-time


STEP4: HOW TO PAY THE TUITION WITH LOANS AND GRANTS?

The tuition amount will be paid directly to SAE Vancouver and the remainder of your approved funds will be sent to your bank account or,for some grants, through a cheque in the mail.

  • To confirm that SAE Vancouver has received payment, check your myAccount (myAccount → Account Summary)

 

Managing Your Loan

Stay in touch with your student loan provider and maintain proof of your ongoing studies.

WHAT ARE MY RESPONSIBILITIES?

1. Pay tuition and other required fees.

2. 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.

3. Update contact information online with both StudentAid BC and National Student Loan Service Centre.

4. Update banking information while in study by using the Bank Account Change Request form.

HOW DO I MAINTAIN AN INTEREST-FREE STATUS?

1. Returning full-time student receiving further student loans:

  • Your previous loan balances will automatically be put into interest-free status if you are approved and confirmed for new loan funding.

2. Returning full-time student not receiving further student loans:

 

Repaying Your Loan

WHEN DO I REPAY MY LOANS?

1. If you have a previous part-time government student loan and you are returning to either part-time or full-time study, you do not need to begin repayment; however, you must inform your lender that you are returning to study.

2. You have six months from your study period end date before you must start paying back your loan. Repayment of your loan will begin 6 months after your study period end date through the National Student Loan Service Centre (NSLSC).

IF YOU MISS LOAN PAYMENTS

  • Your loan will become delinquent when you are not making regularly scheduled monthly payments.

  • Consequences of not repaying your student loan:

    • Added interest charges

    • Loss of eligibility for future StudentAid BC funding

    • Being contacted by a collection agency

    • A bad credit rating and inability to get credit

    • Loss of future income tax refunds and tax rebates

    • Being taken to court

    • Garnishment of your wages

    • Liens against your property

GET HELP WITH REPAYMENT

  • Repayment assistance plan (RAP)

    • Assists with managing your loan debt by decreasing your monthly payment and allowing you to pay back what you can reasonably afford, if approved.

    • Apply online through NSLSC.

  • Repayment assistance plan for borrowers with a permanent disability (RAP-DP)

    • Helps with managing your loan debt by reducing your monthly payment and allowing you to pay back what you can reasonably afford, if approved.

    • Apply online through NSLSC.

  • Revision of terms

    • Allows the terms of your loan to be changed if you need more time to pay with the options below:

      • Decrease payments for a short period.

      • Extend the repayment time of your loan to permanently decrease monthly payments.

      • Make interest-only payments for a short period.

    • Apply online through NSLSC.

 

Financial Tools

 

 

 

  • Employment & Social Development Canada (ESDC)

    • Interactive tools to help save, plan and pay for post-secondary education after high school

      • Education Savings Calculator

      • Parental Contribution Calculator

      • Student Financial Assistance Estimator

      • Loan Repayment Estimator

      • Repayment Assistance Estimator

 

  • MyMoneyCoach

    • Offers ways to save money and how to make smart financial choices

 

  • Your Money (CBA)

    • Financial literacy resource

      • Budgeting

      • Saving

      • Investing

      • Borrowing

      • Your credit profile

      • Keeping your money safe

 

 

  • The Red Book

    • Provides information & referral to community, government & social services in BC

      • Counselling, employment assistance, language classes, housing, legal assistance, recreation, addiction services, homeless shelters, youth services, resources for parents, support groups, financial assistance, advocacy and much more

 

 

 

 

Definitions

IMPORTANT TERMS AND DEFINITIONS 

Here are some important terms and definitions you'll want to familiarize yourself with as you make use of the financial aid system during your post-secondary career.

Adult Upgrading Grant (AUG) - A provincial grant program, which provides direct educational funding for students enrolled in Adult Basic Education (ABE), and Vocational Education and Skills Training (VEST).

Capitalized interest - Students who have a BC student loan issued on or after Aug. 1, 2000, are responsible for the interest that accrues on their loan during the grace period. At the end of the grace period, they can pay the accumulated interest or have it added to their outstanding loan balance. Adding the accumulated interest to the principal is called capitalization.

Child-care subsidy - An amount of money from the Ministry of Social Development given to students with dependent children age 11 or under to assist with child care costs.

Class “A” loan (CSL) - A Canada student loan which is in interest-free status.

Class “B” loan (CSL) - A Canada student loan for which the borrower (student) is liable to pay interest and principal on a regular monthly basis. Interest on outstanding CSL accrues starting the first day of the month following the study period end date. Monthly payments must begin on the first day of the seventh month after the borrower ceases to provide evidence of full-time attendance in an eligible course of study.

Common-law - Students who have cohabited with a person in a marriage-like relationship for a period of at least one year (12 consecutive months) as of the first day of classes. These students are considered to be married for the purposes of StudentAid BC. The student and spouse will be assessed as per the StudentAid BC married assessment. If there is a child of the union and cohabitation has been less than one year (12 months), the student applies as a single-parent.

Consolidation - Within six months of ceasing to be a full-time student, a borrower who has received loans under the student loan program must enter into a consolidation agreement with the lending institution that holds the loan documents. This agreement brings all the student loans of a student under one monthly payment which will be required to retire the debt.

Credit screening - Federal regulations under the Canada Student Financial Assistance Act require a credit check be conducted with credit reporting agencies on all first-time applicants to StudentAid BC who are over the age of 22 as of the first day of classes

Default - A student loan is considered to be in default when you are behind on your payments for nine or more months and collection activities are required. Defaulting on your loan can disqualify you from receiving future student financial assistance and applying for repayment assistance under the Repayment Assistance Plan and BC Debt Management measures. It also affects your credit rating.

Dependent student (Group A) - Students identified as dependent on their student loan application are considered to be financially dependent on parent(s), stepparent(s), sponsor(s) or legal guardian(s) and do not qualify as independent students. Dependent students have never been married or do not have dependent children or have not been out of high school for 48 months or have not been in the labour force for two periods of 12 consecutive months.

Dependants - For StudentAid BC purposes, eligible dependants are any dependants for whom the Canada Child Tax Benefit is claimed or for whom a benefit is claimed on the income tax return, usually children under age 19; can include children over 19 if they are disabled or attending full-time post-secondary studies.

Designated program - Is a post-secondary program that has been authorized by the Province of British Columbia as eligible for funding through the Canada Student Loan/Grant and BC (Provincial) Student Loan/Grant Programs.

Disbursement date - The earliest date the service provider is allowed to release StudentAid BC funding to the student or the school.

Full-time student/studies - A student is considered to be full-time for StudentAid BC purposes when enrolled in at least 60 percent of a full course load (40 percent for students with permanent disabilities) in a designated program for at least 12 weeks at a designated post-secondary institution and leading to a certificate, diploma or degree.   

Grace period - The period between the end date of a student’s program of study or the date on which a student withdraws from full-time studies and the repayment date, normally six months after the study period end date.

Group A student - The classification given to students who, under student loan program criteria, are financially dependent on parents, step-parents, sponsors or legal guardians.

Group B student - The classification given to students who, under program criteria, are financially independent of parents, step-parents, sponsors or legal guardians. Independence is determined by such factors as marriage, number of years in the full-time labour force and number of years out of secondary school.

Interest-free status - Interest-free status provides students who are enrolled in full-time studies at a designated post-secondary school a grace period during which they are not required to make student loan or interest payments. The federal and/or provincial governments assume responsibility for providing interest payments for the duration of the grace period.

Master Student Financial Assistance Agreement (MSFAA) - A master Canada-British Columbia integrated student loans agreement that includes all student borrower information and contains all contract terms and conditions for loan disbursement and repayment. The MSFAA is a legal document, and a consolidation agreement will no longer be required, as with the Master BC Student Loan Agreement. This MSFAA is printed for every student borrower for the lifetime of their Canada-British Columbia Integrated Student Loans.

Moderate standard of living (MSOL) - The moderate standard of living is a measure of the cost of living including shelter, food, miscellaneous expenses and local transportation. For the parents, step-parents, legal guardians or sponsors of dependent students, the MSOL takes into consideration various family sizes. Also known as "student living allowance," the MSOL includes the maximum allowances set by the federal government for living costs during the study period.

Permanent disability - A permanent disability refers to a functional limitation caused by a physical or mental impairment that restricts the ability of a person to perform the daily activities necessary to participate in studies at a post-secondary level or in the labour force and is expected to remain for the person's expected natural life.

Permanent resident (landed immigrant) - An individual who is not a Canadian citizen but who has permission to reside in Canada on a permanent basis. Permanent resident status can be demonstrated by presenting a valid IMM 1000 form or valid immigration card which does not specify limited conditions of entry, and a social insurance number which starts with 1, 2, 3, 4, 5, 6, or 7.

Post-secondary study - Studies at a post-secondary school in which a student enrols after secondary school (Grade 12). Post-secondary study does not include Adult Basic Education programs, college preparatory programs, or English as a Second Language.

Prime interest rate - The lowest interest rate charged by financial institutions as the cost of borrowing money. The rate is variable and adjusted by the bank from time to time.

Principal - The amount of money that a borrower still owes on a loan and must repay.

Protected persons - Under the Immigration and Refugee Protection Act, protected persons include convention refugees and "humanitarian-protected persons abroad" classes, and persons in need of protection, defined as a person whose removal to their country of nationality or former habitual residence would subject them to the possibility of torture, risk of life or risk of cruel and unusual treatment or punishment. Protected persons must have social insurance numbers (SIN) beginning with "9" with an expiry date after their study period end date. Protected persons applying for StudentAid BC funding, may forward a copy of their notice of decision issued by the Immigration and Refugee Board of Canada for documentation of their status.

Reassessment - A request to make changes to the information on a student’s application. Such changes could include income, program of study, costs, marital status prior to the first day of classes, etc.

Registered Education Savings Plan (RESP) - Funds and interest placed in RESPs are not taxable until the beneficiary uses the funds to attend studies full time at a college, university, or any other eligible post-secondary educational institution. RESPs are registered with the Canada Revenue Agency.

Registered Retirement Savings Plan (RRSP) - Registered Retirement Savings Plans are investment accounts registered with the Canada Revenue Agency. RRSP funds are not taxed until the investor removes them from the RRSP account.

Single-parent student - Students who have never married, or who are separated or divorced, or who are widowed, and who have legal and/or physical custody and responsibility for supporting their own child(ren) at least two days per week during the entire study period.

Split enrolment - Concurrently registered at more than one school (i.e., taking some courses at the home school and others at another school during the same study period.

Upgrading - Usually studies for students who have left the high school (secondary) system without graduating. This can include, but is not limited to, adult basic education, English as a Second Language and Vocational Education and Skills Training.

Withdrawal - The action of a student who drops below full-time studies and formally withdraws from courses. This includes incomplete semesters/terms. If the student stops attending classes, it is also considered a withdrawal. If the student falls below 60 percent (40 percent for students with permanent disabilities) of a full-time course load, the school is expected to report the student as Withdrawn.