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| Backgrounder(s) & FactSheet(s): | Factsheet |
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| Backgrounder(s) & FactSheet(s): | Factsheet |
VICTORIA – Low-income British Columbians who want a break from repaying their student loans will know if they qualify within hours of using a new online application, rather than waiting for weeks for an answer, Advanced Education Minister Murray Coell announced today.
“More than 8,000 people in B.C. are given respite from their student loan payments every year, allowing them some breathing room to work out their financial difficulties,” Coell said. “Now, with Canada’s first completely online interest-relief application, eligible borrowers will be able to have peace of mind within 48 hours of submitting their information, knowing that they qualify for a share of the $2.4 million we invest in this program every year.”
Eligibility for StudentAid BC’s interest relief program is determined by the student’s family income, the size of the family, and the amount of his or her loan payments. For example, a single mother of two with a combined Canada and B.C. student loan debt of $20,000 and $234 in monthly payments could be excused from paying her B.C. student loans for up to 54 months if her income is less than $43,164 a year.
The old paper application process took at least three weeks, provided the borrower’s information was complete. However, most applications were missing vital information, and by the time borrowers had provided all of it via mail, the process typically took up to nine weeks. With the introduction of the online application, processing time is reduced to 48 hours since all necessary data must be entered first before an application can be submitted.
“Knowledge is the key to success, especially in British Columbia’s ideas economy, but studies show that many lower-income people are afraid to invest in a post-secondary education because they worry about debt,” Coell said. “This interest-relief program is part of our safety net for students, and it’s important for them to have a speedy response when they ask for help.”
The interest relief program is part of $1.44 billion in student financial aid the Province has provided since 2001 to help students overcome financial barriers to post-secondary education. This includes B.C. student loans, loan reductions for students most in need, grants for students with disabilities, debt relief and loan forgiveness.
To find the online application, go to www.StudentAidBC.ca, click on British Columbia Student Loan Service Bureau in the left-hand menu, and log in. The application can be used by all borrowers with direct-lend B.C. student loans.
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Communications Manager 250 952-6400 250 812-7977 (cell) |
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For more information on government services or to subscribe to the Province’s news feeds using RSS, visit the Province’s website at www.gov.bc.ca. |
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