Funding Your ExchangeStudent 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:

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 www.studentaidbc.ca

•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 (604-822-5111)

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 1st term & request PIF ‘extension’

for the 2nd 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 (www.canlearn.ca)

• 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 604-822-5791)

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• 3rd 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) 822-5111

• awards.inquiry@ubc.ca

• www.students.ubc.ca/finance