Going back to school can be a big financial decision. Luckily, there are a few different federal and provincial loan options available to you, so you can start a new career without debt. Here are some details regarding student funding and loans during COVID-19.
Post-secondary students and recent graduates, who are ineligible for the Canada Emergency Response Benefit (CERB), can apply for the Canada Emergency Student Benefit (CESB). From May through August 2020, the CESB will provide $1,250 per four-week period for eligible students, and $2,000 for students with dependents and those with permanent disabilities.
While employment opportunities are limited, now is the perfect time to give back to your communities and provide assistance during COVID-19. With the help of the Canada Student Service Grant, students who choose to do national service and serve their communities will be eligible to receive up to $5,000 to support their education costs in the fall.
The Canada Student Grants will be doubled for the 2020-21 year: up to $6,000 for full-time students and up to $3,600 for part-time students.
Federal Student Loan Weekly Limit
For the 2020-2021 school year, the Canada Student Loan weekly loan limit will increase from $210 to $350.
Federal Student Loan Repayment Freeze
As of March 30, 2020, all federal student loan repayments were automatically frozen and will remain interest free until September 30, 2020.
Residents of British Columbia can apply for loans through StudentAid BC. This combines the federal Canada Student Loans program with the BC Student Loans program.
Combined Federal And Provincial Weekly Limit:
Provincial Student Loan Repayment Freeze
Effective March 30, 2020, British Columbia student loan borrowers will temporarily have their repayments suspended and remain interest-free until September 30, 2020.
Student Lines of Credit are also available from various financial institutions, including Bank of Montreal, CIBC, and Royal Bank. These lines of credit are available for full-time students and are individually approved. To learn more, visit your financial institution for a list of financial aid options and criteria.
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