Financial planning and student loans

Financial planning and student loans

University is an investment – there’s no doubt about it. The cost of tuition, books, residence fees or rent, food, monthly bills, clothing, and entertainment can add up quickly, so having a plan for financing your education is essential. Student loans and bursaries are two options you may want to consider.

Student loans

If you’re a Canadian citizen or permanent resident of Canada, you may be eligible for a student loan. Student loans offer two big advantages. First, the government will pay the interest on your loan as long as you’re a full-time student. Second, you’re not required to begin repaying your loan until six months after you graduate (or you cease to become a full-time student). If you’re a BC student, apply for a loan online through StudentAidBC. If you’re coming from another province or territory, apply through your provincial or territorial lender.

If you’re a US citizen, you’re eligible to apply for a direct loan (direct subsidized and/or direct unsubsidized loan). It can take a while for loan applications to be processed, so we recommend applying at least six weeks before the term starts to ensure funding is available in time.

Bursaries

If you’re a Canadian citizen, permanent resident of Canada, or refugee, and you have unmet financial need even after applying for a student loan, you may be eligible for a UBC bursary. If you’re interested in a bursary, we recommend submitting a student loan application by July 15 to ensure that your student loan is confirmed by the bursary application deadline of September 15.

Questions?

If you have questions about financial planning or financial aid opportunities, UBC can help.

Okanagan campus

Contact Student Services and Financial Support at sis.ubco@ubc.ca or +1.250.807.9100

Vancouver campus

Contact your Enrolment Services Professional (ESP)

All the ways you can pay your UBC fees

All the ways you can pay your UBC fees

Once you’ve accepted your offer of admission, there are many different ways to pay your tuition, student fees, and residence and meal plan fees. The payment options available will depend on the specific type of fee you’re paying, which campus you’re attending, and where you are in the world.

If you’re a Canadian student

Your payment options include:

  • Electronic funds transfer (EFT) from any Canadian financial institution
  • Online or telephone banking bill payment from any Canadian financial institution
  • Interac® Online from Canadian accounts at select financial institutions
  • Online credit card payment (a 1.75% convenience fee applies for certain payments)
  • Cash or cheque at any HSBC branch

Did you know?

If you’re a Canadian student on UBC’s Vancouver campus, you also have the option of applying your TD and Aeroplan loyalty points toward your tuition and fees through the HigherEdPoints program.

If you’re an international student

As of May 30, 2018, UBC will no longer accept wire transfers, but several other payment options are still available:

  • International funds transfer (IFT) with Western Union Business Solutions
  • Online credit card payment (a 1.75% convenience fee applies for certain payments)
  • Cash or cheque at any HSBC branch
  • US dollar cheques, delivered in person (Vancouver campus only)

Did you know?

If you’re an international student, UBC’s international funds transfer option with Western Union Business Solutions lets you pay in your home currency, secure a competitive exchange rate for up to 72 hours, and avoid additional transaction fees – no Canadian bank account required.

Step-by-step instructions

Get step-by-step instructions and important tips for your payment method(s) of choice.

Okanagan campus

Vancouver campus

Need help?

If you have questions about paying your tuition or fees:

If you have questions about international funds transfer, contact Western Union Business Solutions directly at studentinquiries@westernunion.com or toll-free at +1.877.218.8829.

What you need to know about registration deposit deferrals

What you need to know about registration deposit deferrals

Most students are required to pay a non-refundable deposit on the Student Service Centre when they accept their offers of admission to UBC. The acceptance deposit counts as your first registration deposit, and is applied to your tuition fees after you register for classes.

There are some exceptions though. If you’re receiving a major award or sponsorship funding – from UBC or a third party – and that funding is delayed, your registration deposit may be deferred until the rest of your tuition fees are due. If you’ve self-identified as an Aboriginal person of Canada, your registration deposit will be automatically deferred in an effort to support students who are being funded by third parties, including their band or Nation.

Can I apply to have my registration deposit deferred?

There’s no need to apply. If you’re eligible, your registration deposit will be automatically deferred.

How will I know if my deposit has been deferred?

If UBC has deferred your registration deposit it will be noted in one of two places:

  • at the bottom of your letter of admission; or
  • in an email from the Enrolment Services team, which explains why you’ve been granted a deferral and what to expect when you log in to the Student Service Centre.

Don’t worry if you are still prompted to pay a deposit on your registration screen. If you have confirmation that your registration deposit has been deferred, you can safely ignore this default warning.

Who can help me with financial planning?

If you have financial concerns or you’re facing financial challenges, please contact an advisor on the Okanagan campus or your Enrolment Services Professional (ESP) on the Vancouver campus. We can help you plan how to finance your studies at UBC.

Planning your finances

Planning your finances

If you don’t have a financial plan for your first year of university, now is a good time to think about money management. There are a lot of things to factor in, and you might be surprised to see how quickly it all adds up.

Your costs as a university student

As a university student, you’ll be responsible for paying tuition and student fees. If you’re applying for on-campus housing, you’ll need to include housing fees in your budget. You’re probably going to want to eat, so factor in your meal plan. If you’re going to be living off campus, you’ll need to consider your weekly groceries and rent (and remember that it needs to be paid on time). And let’s not forget all of the miscellaneous expenses such as clothing, entertainment, and your various monthly bills.

It can seem overwhelming, but UBC’s cost calculator can help you get a handle on what your money situation will look like.

Let us help you

If things still don’t make sense, contact your ESP, who will be more than happy to sit down and help you create a realistic budget for the year.