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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.
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.
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.
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 only real major downside to funding your career training with a student loan is minimized flexibility.
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.
Terri Marcille, Acedemic Advisor
699 Victoria Street
Lisa Rey, Academic Advisor
250 753 4220
7 – 1551 Estevan Rd.
Lisa Kratzmann, Academic Advisor
715 Goldstream Ave.
B.C. Private Training Institutions Branch
B.C. Education Quality Assurance