Frequently Asked Questions
Do you have any written information regarding financial aid?
Yes, pamphlets/handouts are available from UFV Financial Aid and Awards.
What is the deadline for applying for government loans and grants?
You should always apply early — at least 6 - 8 weeks before classes begin! However, you can apply at any time up to six weeks before the end of the study period. Please note, students are not required to be registered in their courses at the time of completeing the online student loan application; however, they must know their program of study and the study period's start and end dates.
Can I have my fees deferred for a couple of weeks?
Yes IF you have approved funding in place you can apply for a fee deferral. Applications are online through myUFV.
I have just moved to B.C. from another province (or country). Can I apply for funding through B.C.?
Contact UFV Financial Aid and Awards to help determine your residency status and funding eligibility.
Must I have a Social Insurance Number to apply for a student loan?
Yes, you must also be a Canadian citizen, or a permanent resident of Canada with a valid IMM1000 and not on a Student Visa.
Can I apply for government loans and grants if I am also going to be getting EI, Training Allowances, Band funding etc. while I'm going to school?
Yes, government loans and grants are available to top up your resources if there is a demonstrated financial need.
I defaulted on a previous student loan. Am I eligible to apply for a new student loan?
Yes, but only after you receive a letter of clearance from Ottawa (Canada Student Loan) and/or the province where you arranged your student loan. Contact UFV Financial Aid and Awards for federal office addresses. This process often takes up to one full year.
Can I attend two institutions at the same time (ie. UFV and SFU) and receive financial aid for studies at both?
Attending more than one post-secondary school at the same time is called "split enrolment." In some cases, students can receive student loan funding for courses taken at their second school. Contact your "home" school about student assistance options. The home school is the one that will issue your credential at graduation time.
How long does it take for my student loan/grant to come in? Will it come to me or to UFV?
Once you are registered in a minimum 60% course load (9 post-secondary credits), your school will confirm your enrollment and your funding will be electronically deposited into your bank account on the first day of your study period. UFV does not take any funding. It is the student's responsibility to ensure his/her tuition and fees are paid by the fee payment deadline.
Can I buy a car with my loan/grant?
No. Also, please note that loan regulations consider the equity in your car (above a certain amount) to be "available" for education.
What expenses will my student loan cover?
Financial assistance is provided for direct educational costs only: moderate cost of living (room/board), tuition, books/supplies, transportation (to and from school), clothing, daycare, and some miscellaneous expenses.
Do I have to make payments on my loans while I'm in school?
No. Payments are not required until after your six month 'Grace Period', following the end of your full-time study period. The government pays the accruing interest on your loan while you are enrolled in a minimum 60% of a full course load per semester of post-secondary studies.
If I have a previous student loan, and return to full-time studies, what should I do?
If you are enrolled in an approved full-time program that leads to a certificate, diploma or degree at a post-secondary school that is designated by the provincial government, but will not be cashing another student loan, apply online for Interest-Free Status at StudentAidBC. This will eliminate accruing interest on your previous student loan and stop mandatory payments (if you are in repayment), for the duration of your study period. Confused? Contact UFV Financial Aid and Awards.
What interest rate will I be charged for my student loans?
Interest charges on Canada-B.C Integrated Student Loans begin in the first month after the borrower ceases to be a full-time student (even though actual payments are not required to be made until six months later).
What happens to my government loans and grants if I transfer to another college/university mid-year?
In most cases, the balance of your award can be transferred to the new institution. An Appendix 5 "Transfer of Award" form must be filled out by both your old institution and your new institution. Remember, this takes time!