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Studying for school is hard enough as it is without worrying about how to afford your education. Fortunately, in addition to any savings you may have, there are resources available to students from all walks of life to assist with getting you over that initial hurdle. SC – Institute of the Arts is a designated institution and financial aid is available for all qualifying Canadian or Permanent Resident students. We will walk you through the process of all options that you may qualify for. Options include Government Student Loans, Private Student Line of Credit, withdrawing funds from RESPs and/or RRSP as well as BC Passport to Education and Life Long Learning Plans.
The Government of Canada offers Student Loans to post-secondary students in most provinces and territories across Canada if you are a Canadian citizen or landed immigrant.
For information on Canada Student Loan programs see link below:
For specific information by province;
Once you have graduated from full time studies at SC – Institute of the Arts, it is time to start repaying your loan. For the first six months after you leave school, you will not have to make payments to your Canada Student Loan or your provincial student loan. This is called your six month non-repayment period. During this period, interest does accumulate at prime interest rate. Please see link below for more information on loan repayment.
The Canadian Government will help keep your loan in good standing by working with you when you need assistance with loan repayment. Please see the link below for more information on assistance with your loan.
You can fund your education using your RRSPs. The Lifelong Learning Plan (LLP) allows you to withdraw up to $20,000 from your RRSPs ($10,000 Annually) to finance full-time training or education for you or your spouse. You must be accepted at SC – Institute of the Arts with a written offer to enroll (before March of the following year in a qualifying educational program. Borrowing from yourself means no interest charges like traditional loans. But you still need to repay the full amount or else you’ll be taxed on it. The Canada Revenue Agency will send you a “Statement of Account – Lifelong Learning Plan” every autumn listing repayments made, the balance yet to be repaid and the minimum repayment for the next year. Usually, each year you have to repay 1/10 of the total amount you withdrew until the full amount is repaid.
Access to funds while attending SC – Institute of the Arts to cover tuition, textbooks and other daily personal expenses. The minimum amount is typically $5,000, maximum $15,000 for first year and is based on your needs, and ability to repay and possible required co-signer. Repayment can be made via an interest-only payment option while you are a student and for one year after graduation.
Canadian Banks that have Student Line of Credit Options;
Registered Educational Savings Plans are available for SC – Institute of the Arts students. SC – Institute of the Arts is a Designated Educational Institution (code: APUI) where you may redeem your RESP funding. Please contact your RESP provider or Human Resources and Skills Development Canada (HRSDC) at 1-800-622-6232 for further information.