funding your exchange student financial assistance & awards
TRANSCRIPT
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
• www.students.ubc.ca/finance