StudentAidBC – Is a 2019/2020 student loan right for you?

The new 2019/2020 academic year is just a few months away and StudentAidBC has opened applications for schooling starting after July 31, 2019. There are many great reasons to opt for a student loan as part of your education funding solution. And there are reasons why it also may not be the best option for your specific needs.

The Pros of a Student Loan

British Columbia – No interest province

In British Columbia, the provincial portion of any student loan is interest free. You won’t pay any interest on up to 50% of your student loan. This improvement from February also grandfathers in existing loans. The other 50% supplied by the federal government, does still care interest at prime plus 2.5%. (6.45% as of this blog.) But half of the loan being interest free is outstanding news for existing and future students.

Access to Grants

Although there are exceptions, the vast majority of grants potentially available to students is accessed through StudentAidBC. Grants can include (but aren’t limited to) those who have a disability, individuals with dependent children under the age of 12, people who identify as native, low income grants and more.

Delayed Student Loan Payments

For both the provincial (interest free) and federal portions of a student loan, students make no payments during their education period and as long as they graduate on time, make no payments for up to 6 months after graduation. This allows you time to find work and begin to see the benefits of your education before you have to start paying back the loan. (Note that the federal portion doesn’t accrue interest while you are in school but does accrue interest in those first 6 months.)

The Cons – Why StudentAidBC might not be right for you

The only real major downside to funding your career training with a student loan is minimized flexibility.

• You cannot fund individual courses or portions of a certificate or diploma program with StudentAidBC. You must enroll in an entire program.
• Your training must be completed in the allotted time as outlined when you initially enroll in career training. It can be very difficult to pause your training if necessary. There are even some downsides to completing your training ahead of schedule.
• Although not impossible it is a bit difficult to change your certificate or diploma program once you have enrolled and started student loan funded training.
  

Summary – The next step in career training

The circumstances of each student is unique. StudentAidBC offers one additional option to consider when you need to decide how to best invest in your career future with education.

If you have any questions about your StudentAidBC eligibility and whether a student loan is a good option for you, please contact your local Academy of Learning Career College campus. Our Academic Advisors are familiar with the ins and outs of diverse funding options and can assist you in finding the solution that is best for your unique education needs.

Kamloops  

Terri Marcille, Acedemic Advisor
250-372-5429
[email protected]
699 Victoria Street

Kelowna

Jackie Perrin, Academic Advisor
250 868-3688
J[email protected]
Unit 101-1740 Gordon Drive

Nanaimo

Lisa Rey, Academic Advisor
250 753 4220
[email protected]
7 – 1551 Estevan Rd.

Victoria

Lisa Kratzmann, Academic Advisor
250-391-6020
[email protected]
715 Goldstream Ave.

Visit StudentAidBC.