Government Grants and Loans

The Government of Canada works with most provincial or territorial governments to offer student grants and loans. In all situations, students apply with their province or territory of residence, which does not always coincide with the province in which they plan to study in. The amount students can receive each term is calculated when they submit their application. Students are automatically considered for all grants and loans that they may be eligible for at that time of application.

The amount of funding a student can receive depends on many factors, including:

• Their province or territory of residence
• Their family income, which could include an expected contribution from parent(s)
• If they have dependents
• Their term-based tuition and mandatory fees and living expenses
• If they have a recognized disability

Loan agreement

The Master Student Financial Assistance Agreement (MSFAA) outlines the terms of accepting and repaying student loans. Students only have to sign this agreement once as it covers present and future student loans.

Students will only have to re-sign a new MSFAA if they apply for government-issue student financial assistance after:

• taking a 2-year break from school, or
• permanently moving to another province/territory

The MSFAA will not show grant or loan amounts. Students will receive a Notice of Assessment from their province or territory that tells them how much student assistance they will receive per application.

Students can review the terms and conditions of their MSFAA on the National Student Loans Service Centre (NSLSC) website.

Student Loan Interest

Effective April 1st, 2023, the Government of Canada has permanently eliminated the accumulation of interest on all Canada Student Loans including loans currently being repaid.

Several other Provinces and Territories have also eliminated the accumulation of interest on loans issued from their jurisdictions including BC, Manitoba, and New Brunswick. Please check with your home Province or Territory for confirmation.

B.C. Residents (StudentAid BC funding)

StudentAid BC has created a series of YouTube videos to help students learn about the student financial assistance journey from start to finish.

Students can check out the complete playlist and subscribe to StudentAid BC’s YouTube channel to catch new videos added over time.

✔️ What is StudentAid BC?
✔️ Before you apply to StudentAid BC
✔️ How to create your StudentAid BC account
✔️ How much student funding I can get
✔️ How repayment works for StudentAid BC loans

Families from other Provinces or Territories

If your family is not from B.C., students apply through their home Province or Territory for funding.