Financial Planning Information for Parents
B.C. student loans
Government student loans are one of the most popular programs that Canadian students utilize to help pay for their university education. These loans enjoy a significant advantage over personal bank loans in that full-time students can qualify to have their accruing interest paid for by the Federal and/or Provincial government while they are still studying.
As a parent, it's important to keep in mind that funds allocated under this program are granted only where the financial resources available to a student (such as family contributions, part-time work, scholarships, bursaries, etc.) are insufficient to meet BCSAP's estimated educational costs for the student. Thus, if your child is planning to apply for BCSAP funding, you will be expected to make a financial contribution to help pay for his/her schooling.
It's also important to note that if your child is under the age of 19 at the time he/she applies or negotiates (i.e. cashes) the student loan, you or another legal guardian/sponsor will need to co-sign the loan document.
Please Note: co-signers must be 19 years of age or over, employed full-time and a resident of British Columbia. You should carefully read and understand the loan document before agreeing to co-sign the loan. Further information can be found on the reverse side of the B.C. Student Loan document