Do you have a student loan?
Effective March 30, 2020, all British Columbia student loan borrowers will temporarily have their repayments suspended until September 30, 2020. During this time, no payment will be required, and interest that currently applies to the federal portion of student loans will not accrue.
All students with Canada student loans borrowers also automatically have their loan repayments and interest suspended until September 30, 2020. Students do not need to apply for the repayment pause.
Financial Emergency Funding for BC Students
The Province of BC is providing “funding to support domestic B.C. students who are experiencing an unexpected financial emergency that may affect their ability to finish their studies and handle expenses. This non-repayable emergency assistance can be used to help with a broad range of costs, including living expenses, food, travel, portable computers and other supports for students who are not already able to study remotely. Students who attend one of B.C.’s 25 public post-secondary institutions can access these funds by contacting their school’s financial aid office, which will assist with the application process. Each post-secondary institution will determine the specific amount a student can receive based on their individual needs.”
Financial Emergency Funding for Indigenous Students
The Province of BC is also providing additional funding “to supplement the Indigenous Emergency Assistance Fund, which assists Indigenous students who are experiencing an unexpected financial emergency that may affect their ability to finish their studies. Support is available through all 25 public post-secondary institutions in B.C., as well as Native Education College (NEC). In addition to emergency living expenses like groceries, cell phone bills and childcare, the fund supports Indigenous learners through other unanticipated expenses like medical, dental and optical costs, and travel costs for family crisis or community obligations.
Students who access the emergency funding do not have to repay it. Indigenous students can contact the Indigenous Student Service Centre on campus, which will help with the application process to receive the financial assistance.