Do you have any written information regarding financial aid?
Yes, pamphlets/handouts are available from UFV Financial Aid and Awards.
What is the deadline for applying for government loans and grants?
You should always apply early — at least 10-12 weeks before classes begin. (You must have a start date to apply for student loans.) However, you can apply at any time up to six weeks before the end of the school term.
I have just come to B.C. from another province (or country). Can I apply for aid through B.C.?
Contact UFV Financial Aid and Awards to help determine your residency status and aid eligibility.
Must I have a Social Insurance Number to apply for a student loan?
Yes, you must also be a Canadian citizen, or a permanent resident of Canada with a valid IMM1000 and not on a Student Visa.
Can I apply for government loans and grants if I am also going to be getting EI, Training Allowances, Band funding etc. while I'm going to school?
Yes, government loans and grants are available to top up your resources if there is a demonstrated financial need.
I defaulted on a previous student loan. Am I eligible to apply for a new student loan?
Yes, but only after you receive a letter of clearance from Ottawa (Canada Student Loan) and/or the province where you arranged your student loan. Contact UFV Financial Aid and Awards for federal office addresses. This process often takes up to one full year.
Can I attend two institutions (e.g. UFV and SFU) at the same time and receive financial aid for studies at both?
Attending more than one post-secondary school at the same time is called "split enrolment." In some cases, students can receive student loan funding for courses taken at their second school. Contact your "home" school about student assistance options. The home school is the one that will issue your credential at graduation time.
How long does it take for my student loan/grant to come in? Will it come to me or to UFV?
Once you are registered into a 60% course load (9 credits or more) at a post-secondary level your student loan/grant documents will be mailed to you approximately a week or 2 before school starts. If you applied late your documents will be sent to you in about 3 or 4 weeks from the time you submitted your application. However, the money will not be deposited into your account until the first day of classes.
Can I buy a car with my loan/grant?
No. Also, loan regulations consider the equity in your car above a certain amount to be "available" for education.
What expenses will my student loan cover?
Financial assistance is provided for direct educational costs only: moderate cost of living (room/board), tuition, books/supplies, transportation (to and from school), clothing, daycare, and some miscellaneous expenses.
Do I have to make payments on my loans while I'm in school?
No. Payments are not required until six months after you cease being a full-time student. The government pays the accruing interest on your loan while you are enrolled in a minimum 60% of a full course load per semester of post-secondary studies.
If I had a previous student loan who do I notify that I'm still going to school?
You will not have to make payments on any outstanding Canada or B.C. students loans if you are enrolled in an approved full-time study program that leads to a certificate, diploma or degree at a post-secondary school that is designated by the provincial government.
If you will not be cashing another student loan and want to be free from having to make loan payments on your previous government student loans while you are in school, you must fill out a Schedule 2 for the Canada Student Loan as well as a Certificate 2 if you also have an outstanding B.C. Student Loan. Apply online for interest-free status for your B.C. Student loan and Canada Student loan at www.StudentAidBC.ca if you are attending a B.C. public post-condary school.
Confused? Contact UFV Financial Aid and Awards.
What interest rate will I be charged for my student loans?
Interest charges on Canada Student Loans and the B.C. Student Loans begin in the first month after the borrower ceases to be a full-time student (even though actual payments do not have to be made until six months later).
What happens to my government loans and grants if I transfer to another college/university mid-year?
In most cases, the balance of your award can be transferred to the new institution. An Appendix 5 "Transfer of Award" form must be filled out by both your old institution and your new institution. Remember, this takes time!