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Online system hastens student loan relief

August 8, 2007

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Low-income British Columbians seeking a break from repaying student loans can now find out if they qualify within two days, using a new online application, rather than waiting weeks for an answer by mail.

StudentAid BC’s interest-relief program allows more than 8,000 people a year to defer their student loan payments while they work out their financial difficulties. Eligibility is based on family income, family size and loan-payment amount.

The mailed application process takes at least three weeks, provided the borrower’s information is complete. But many applications are missing vital information, which typically extends the process to as much as nine weeks.

The online application reduces processing time to 48 hours, since all necessary data must be entered first before an application can be submitted. All borrowers with direct-lend B.C. student loans can use the application.

To find the online application, visit www.StudentAidBC.ca

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