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A "BC" Student Loan is a student aid financing offered to residents of British Columbia who want to pursue a degree program in college. Funded by the provincial government, this loan program aims to provide financial assistance to eligible students whose economic resources are scarce to pay their post-secondary education expenses.
Eligibility Requirements
Like any other government educational loans, the BC student loan is accompanied with a set of requirements that a borrower must comply to obtain the funding. The basic prerequisites for the said loan are:
- Citizenship - Applicant must be a Canadian citizen, legal immigrant, or has a protected person status
- Residency - Applicant must have recently lived for 12 successive months in the province
- School and Enrollment - He or she must be a student in an approved educational institution and should be enrolled full-time in a post-secondary diploma, certificate, or degree program.
- Financial need - Borrower must prove that his or her financial means are insufficient to finance his education
- Academic performance - Borrower must meet the scholastic standing required for the loan
Repayment Terms
The borrower is required to pay the BC student loan 6 months after he graduated the course, stopped or withdrawn the study. Meanwhile, he is allowed to repay the loan earlier if he wishes to.
