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

For Canadian citizens or permanent residents

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.

For US citizens

If you’re a US citizen, you’re eligible to apply for a direct loan (subsidized, unsubsidized, and/or PLUS loans). 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.

Please note: Due to COVID-19, the US has introduced the temporary CARES Act, which allows you to take your courses online for your first term in September 2020 without it having a negative impact on your eligibility for a direct loan. Before this, students participating in any online courses would lose direct loan eligibility for the duration of their degree.

 

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 31 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 Advisor

 

 

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