Student Financial Aid - The BasicsIf you have a demonstrated financial need for it, you can receive a student loan jointly offered by BC and the federal government. When you finish your degree, you have a six-month grace period to find work before you are required to start paying back your loan. Here are some basic points to remember about student loans and financial assistance. 1. Your loan may be reduced – automatically.The BC Government will automatically consider your loan for some portion of forgiveness if you have demonstrated appropriate financial need after two full years of studies. You will not need to apply for this consideration. 2. You should still apply for scholarships!One of the best ways that you can reduce the amount of money you’re going to owe after you finish your education is to apply for scholarships. Often, many scholarships go unrewarded because no student applies for them. A scholarship may supplement your income and help you cover some of the unexpected costs of getting your post-secondary education. For more information about scholarships you can apply for, check out Student Aid BC’s page: www.aved.gov.bc.ca/studentaidbc/specialprograms/scholarships.htm 3. Canada Access GrantsGrants, like scholarships, are money you do not have to pay back when you receive them. The Government of Canada offers a Canada Access Grant for students from low-income families to first-time students enrolled in their first year. To be eligible for these grants, you must apply for a student loan, be enrolled as a full-time student, are entering SFU within four years of graduating high school, and your parents’ income must fall within the range of entitlement to the National Child Benefit supplement in the previous tax year. This grant will cover one half of your tuition fees, up to $3000, in your first year. 4. Repayment assistanceWhen you get your degree, you may still have difficulty repaying your loan. Contact Student Aid BC for information about their repayment assistance program and see if you are eligible. They can also provide you with financial management tools to make the most of the income you do have. 5. Private loansIn general, private loans are available to students at market rates through various financial institutions such as your bank or credit union. Unlike public student loans, however, the interest rates of private loans are generally higher than what you may receive through the government and interest is calculated immediately upon taking out the loan. Unlike government loans, you will not be eligible for the various financial assistance measures the BC and Federal governments offer. 6. Provincial versus federal loansWhile you will likely receive both provincial and federal loans, there are differences in the programs. The federal loan, for instance, allows you to stall your payments for up to six months after you graduate if you are financially unable to make your payments. Also, the federal program requires you to apply for debt repayment assistance. When you sign up for your student loan, make sure you understand the differences between the two programs so you are well aware of your rights and opportunities. 7. You can get help.It’s important to remember there are options for you if you are stuck financially: Bursaries, Scholarships, and Awards - What's the Difference?Scholarships recognise academic achievement; Bursaries are awarded based on financial need; and Awards acknowledge achievements or contributions to the community. As part of the Simon Fraser Student Society’s ongoing work to make education more accessible for students, the Society allocates over $10,000 each year towards its student bursary program. The application deadline for bursaries and the work study program is approximately six weeks prior to the start of each semester. Please check the Financial Assistance website for each semester’s deadlines. The application deadline for scholarships for continuing students is the end of the second week of classes.
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