Student Loans

Funding Available

Funding is based on the length of the study period.  A standard semester (4 months) equals 17 weeks of funding.  For most programs at Douglas College, students apply for funding one term at a time.  Apply for your funding on-line at studentaidbc.ca.  If you have recently relocated from another province you may be required to apply through your home province. For information go to: http://www.aved.gov.bc.ca/studentaidbc/apply/eligibility

Apply early

You can apply for your loan before you have been admitted to a program at Douglas College.  If you are not admitted to a program or change your mind you can cancel your loan with no penalty.  No funding is released to you until you are enrolled full-time.  The on-line application is available in June each year for the following academic year (August 1 - July 31).

Funding Available for Student With No Dependants

As a student with no dependants and applying for a student loan for 1 semester (17 weeks) you could be eligible for an amount up to $5,440.

Funding Available for Student With Eligible Dependants

As a student with eligible dependants and applying for a student loan for 1 semester (17 weeks) you could be eligible for an amount up to $8,670.

When you receive a student loan, approximately 40% of a student loan comes from BC Student Loans and 60% comes from Canada Student Loans or Grants.

Interest Free Status

If you have a previous student loan and are a student registered fulltime (60% course load or 40% for students with permanent disabilities) and are not receiving a new student loan, you may qualify for Interest Free Status.  If approved for Interest Free Status, you will not be charged interest and will not have to make any student loan payments while you are in full-time studies.

Repayment

Repayment of your loan will begin 6 months after your full-time study end date.  You need to  be aware that when you pay back your loans that you must repay two separate and distinct loans - The BC Student Loan and Canada Student Loan.

If you ever have difficulty repaying your student loans, there are federal and provincial programs to assist you.

For example, there is the BC Interest Relief Program after the 6 months grace period.  This program helps you if you are unable to pay for the BC student loan because of low income.  The Province of BC pays back the interest on the outstanding balance of BC Student Loans.  This program is normally approved for 6 month periods up to a maximum of 30 months, and is available anytime during the repayment period.  The maximum 30 month period can be extended up to 54 months.

For more information, please inquire at the Financial Aid Office or go to StudentAidBC