Student Loans

• Becoming a new or returning full-time SABC borrower?
• Are you a Canadian citizen, permanent resident (landed immigrant) or convention refugee (supporting documentation required) with established residency in BC as per SABC policy? 

If so, here is information you'll need to know!

StudentAid BC (SABC) is the name for a comprehensive package of financial aid to post-secondary students in BC.  The Canada-BC Integrated Student Loan program through SABC is a combination of repayable loans and non-repayable assistance (grants) based on calculated financial need.  For the latest information and how to apply for SABC go to www.studentaidbc.ca and review "What's New", "Canada-BC Integrated Student Loans" and "Apply for a Student Loan" 

As a Capilano University student in full-time studies (minimum 9 credits per term or 6 credits with an approved permanent disability by SABC) you must complete separate SABC applications for each term of study that you are requesting funding for (e.g. Sept-Dec and Jan-Apr and May-Aug)

Changing your course load while on government student loan funding?

• Dropping below the minimum required course load (whether you are originally under a full-time or part-time application for the term)
• Repeating courses already taken whether a successful grade was achieved or not
• Program withdrawal / leaving studies

These scenarios and others may negatively impact your government student loan funding and the ability to continue to borrow.  In signing your Master Student Financial Aid Agreement and borrower declaration, you agree to SABC policy that all borrowers should be familiar.  Financial Aid and Awards is here to help you navigate SABC policy.  It is strongly recommended that you book advising with a Financial Aid Officer as soon as you determine you fall into one of the above scenarios.  

Other Useful Websites

• www.canlearn.ca
• www.welcomebc.ca

FAQs

What are advantages of the new Canada-BC Integrated Student Loans?

• Borrowers now only required to sign a joint federal-provincial loan agreement (MSFAA)
• Borrowers can check the status and balance of their integrated loan in one place
• Borrowers can receive streamlined communications regarding their loans - less documentation
• Whether you are a first-time student loan borrower, continuing borrower, a previous borrower not applying for more financial assistance or in re-payment, SABC has simplified the student loan borrowing process through integration

What does "Integration" mean?

Integration refers to the agreement between the Government of Canada and the Government of BC to combine their respective student financial assistance programs.  This integration includes activities related to the disbursement and repayment of both federal and provincial student financial assistance.  An integrated student loan has 2 lenders (federal and provincial governments) and is adminstered as a single loan package. The National Student Loans Service Center (NSLSC) is the administrator for funds, loan balance information, loan payments, and loan repayment arrangements.  Students apply for funding through StudentAid BC www.studentaidbc.ca

Under the new Canada-BC Integrated Student Loans, what is the Master Student Financial Assistance Agreement (MSFAA)? 

Beginning June 1, 2011 SABC will generate a Master Student Financial Assistance Agreement (MSFAA) on approved applications for studies beginning on or after August 1st. The MSFAA replaces the Master Loan Agreement (MLAG) that previous borrowers would be familiar with.  The new MSFAA will be issued to borrowers one time only unless the borrower has had more than a 2 year break in post-secondary studies or has relocated out-of-province.  If a borrower is under the age of 19, the completion of a guarantor form titled "British Columbia Student Loan Payment Guarantee" is required along with the MSFAA mailed to the borrower by SABC.  Please carefully follow the return instructions as funding may be withheld if appropriate action is not taken.  www.studentaidbc.ca

What if I am studying at two post secondary institutions at the same time and applying for SABC?

If you are studying at two post secondary institutions in the term and Capilano University is your home school, please contact the Financial Aid Office at finaid@capilanou.ca  / 604-984-4966 for advising and complete and submit a Split Enrolment Form 

What if I decide to change my course load or withdraw from term while receiving SABC?

Please read "Maintain Your Loan" at www.studentaidbc.ca for policy and procedure. It is strongly recommended that you book an advising appointment with a Financial Aid and Awards Officer at Capilano to discuss your situation as SABC funding may be re-assessed that may result in an overaward.  If the university authorizes a medical withdrawal, borrowers are still required to appeal with SABC as it is a separate process. 

What is Interest-Free Status?

Interest-free status is when borrowers are temporarily not required to pay interest on outstanding Canada student loans and/or British Columbia student loans.  If a borrower is not applying again for SABC, but continues to study at Capilano in full-time studies and wants to maintain outstanding loans from previous study periods in interest-free status, an interest-free status application is required.  Information available at www.studentaidbc.ca

What if I am studying at the part-time level?

The integration of the Canada and BC student financial assistance programs only impacts full-time loans.  Only the federal government provides loans to students who study part-time and applicants apply through StudentAid BC (SABC) using the part-time studies application www.studentaidbc.ca"Part-Time Students" 

Who can I contact if I have more questions about SABC and the integration of the Canada and BC student financial assistance programs?

• Contact StudentAid BC www.studentaidbc.ca 
• Visit CanLearn at www.canlearn.ca 
• Contact the National Student Loans Service Center (NSLSC) at 1-888-815-4514 (have your social insurance number on hand)
• Contact Capilano's Financial Aid and Awards at finaid@capilanou.ca or 604-984-4966