Funding Your Exchange Student Financial Assistance & Awards

Student Financial Assistance & Awards is here to help you! Financial planning Student loans for exchange students Maintaining interest free status UBC Bursaries Topics for this workshop:

Most students rely on more than one resource to fund their education Here are some options: ScholarshipsSavingsFamily SupportStudent Loans

Student Loans - eligibility Canadian citizen or landed immigrant/permanent resident Full-time studies (60% of a course load) Financial need

Student Loans - eligibility Costs Included: Educational Expenses (tuition, fees, books & supplies) Living Expenses (shelter, food & transportation) Costs not Included: Cost of living at exchange country Exchange rate Airfare

Student Loans - application Apply to the province you are a resident of for BC apply to Institution = UBC (not partner university)

Student Loans – application Must use partner university’s dates! Call Student Financial Assistance & Awards in June to verify the study dates you should use ( ) WARNING: if you do not use the right dates UBC cannot confirm your loan!

Student Loans - application For provinces that require a Program Info Form (PIF) indicate that you are an exchange student when you request a PIF be completed

Student Loans – application Study period must be at least 12 consecutive weeks with no breaks longer than 2 weeks Exception: BC allows 3 weeks at the end of December If breaks are longer, you must submit 2 loan applications Most summer exchanges are not long enough to qualify for student loans

Student Loans - Ontario OSAP students with a break longer than 2 weeks can submit one loan application for the 1 st term & request PIF ‘extension’ for the 2 nd term Update your income by faxing a letter to OSAP (otherwise the income will carry forward)

Student Loans - application Study dates can affect your eligibility for programs associated with student loans through your province (ie. Millenium Bursary) Split Year student Two term loans

Student Loans - cashing How will you cash your loan if you are in another country?

Student Loans - cashing Negotiable only in Canada Mailed to a Canadian address Negotiable at designated Canada Post Outlets

Student Loans - cashing POA This is a document that allows someone you trust to sign documents on your behalf

Student Loans - cashing Province specific POA information: Alberta students – call the Student Funding Contact Ctr Ontario students – download Canada & Ontario form from OSAP website Other provinces (besides BC) – contact your province to see if there is a specific form you can complete. Otherwise, can have a notarized POA letter completed.

Student Loans - cashing BC students: Have you already signed a BC Master Loan Agreement? If so, your BC funds will be deposited into your bank account. However, you will still need to have a POA form completed for your Canada Student Loan ( If you have not signed a BC Master Loan Agreement, you must have a notarized POA completed as BC does not have a student loan POA form (can call the Law Students Legal Advice Program at )

Student Loans - cashing Your POA will sign your loan for you at the Post Office. They will need: Your student loan document Copy of your picture ID with signature Copy of your SIN card Your void cheque (for each loan document) Their own ID and POA letter (for each loan document)

Student Loans - cashing Alternatively, have a friend send the loan to you. You will: Sign the loan Attach a copy of your picture ID, SIN & void cheque Mail the loan directly to the lender WARNING: loan documents expire within 30 days

Student Loans – Interest Free Status Loans are interest free while you are a full-time student If you are not receiving student loans, you must have Interest Free Forms completed to let the lender know you are a student

Student Loans - Interest Free Status Options for exchange students: BC students can apply on-line Have forms completed before you leave if this is within 26 days of your start date (excl OSAP) POA sign the forms 3 rd person pick up the form from UBC & mail/fax it to you (third party pick up form)

UBC Bursaries Bursaries are non-repayable awards that are based on financial need. To qualify, you must: Be in receipt of government student loans & have unmet need on your student loan assessment Apply on-line by the deadline: Summer: June 1 Winter: Sept. 15

Before you go on exchange! Designate a Power of Attorney Set up Third Party Authorization on SSC Complete a Third Party Pick-Up Form Submit a Cheque Forwarding Request Form to SFAA

Contact Us Student Financial Assistance & Awards Brock Hall 1036 – 1874 East Mall (604)