Policy Manual and Program Update
The StudentAid BC 2019-2020 Policy Manual has been amended to reflect federal and provincial student financial assistance policy and program updates.
Updates to the 2019-2020 Policy Manual (since June 2019 publication) include:
- B.C. Repayment Assistance Plan (RAP) – Effective January 1, 2020, B.C. RAP eligibility will be based on the loan rehabilitation date rather than the Post Secondary End Date (PSED), if the loan rehabilitation date is more recent. (Chapter 11, Section 5)
- Canada Student Grant for Full-Time Students with Dependents – Family Income Eligibility Thresholds for Loan Year 2019-2020 have been added as Table 7b. (Chapter 14, Tables).
- Part-Time Student Loan Family Income Eligibility Thresholds – Family Income Eligibility Thresholds for Part-Time Student Loan (CSL-PT) have been updated as Table 7c. (Chapter 14, Tables).
- Provincial Tuition Waiver Program for Former Youth in Care – Information clarifying eligibility requirements and legal statuses are detailed for the Program. (Chapter 5, Section 7).
Additional federal changes coming into effect in Program Year 2019-2020:
- Interest Rate Reduction on Canada Student Loans – On November 1, 2019, the variable and fixed interest rates on Canada Student Loans and Canada Apprentice Loans will be reduced. The variable rate will be reduced to prime (from prime plus 2.5 percent) and the fixed rate will be reduced to prime plus 2 percent (from prime plus 5 percent).
- Interest Elimination on Canada Student Loans during Non-Repayment Grace Period – On November 1, 2019, interest will no longer accrue on Canada Student Loans and on Canada Apprentice Loans during the six-month non-repayment period immediately following studies or the end of an apprenticeship. https://www.canada.ca/en/employment-social-development/corporate/notices/budget.html
- Loan Rehabilitation – Effective January 1, 2020, the Canada Student Loan Program will give borrowers wishing to rehabilitate their loan the option to add all accrued interest to the principal of their loan.
A full list of key StudentAid BC and Canada Student Loans Program changes for Program Year 2019-2020 can be found on pages 8-9 of the updated Policy Manual, available at: https://studentaidbc.ca/sites/all/files/school-officials/policy_manual.pdf.
Ministry of Advanced Education, Skills and Training
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