If you’re thinking about going to BCIT but are wondering how you’re going to pay for your education, you’re in the right place. If you’ve already been accepted but want to learn more about resources that will help you fund your education, read on! Financial aid is a topic that sometimes isn’t talked about enough, even though thousands of students need it and qualify for it every year. BCIT has some great resources available to help you plan your finances and feel comfortable about furthering your education.
BCIT has some options for full-time students as well as part-time students. The first and probably most helpful resource BCIT has established is the Student Financial Aid and Awards Office, which can help you with all of the following items:
· Learning how to claim money through government financial aid
· Emergency funding
· Fee deferrals (how to put off a fee payment or extend deadlines)
· Scholarship, bursary, and award applications
· Non-repayable forms of financial aid for students
· How to make a financial plan
· How to deal with government agencies that grant financial aid
· How to keep track of your loans and pay them off
· How to find sources of non-repayable aid
If you’d like to contact the Student Financial Aid and Awards Office, you can do so through emailing sawards@bcit.ca (awards, scholarships, bursaries), or finaid@bcit.ca (any other questions). In-person and virtual hours are Monday-Friday from 8:30 am to 4:00 pm. The permanent Office location is SW1-2132 on the Burnaby campus. The general office phone number is 604-432-8555 and the general office fax is 604-454-0941. Please note that the Office is only conducting virtual drop ins, calls, and appointments at the moment. This is subject to change. For updates on this, please visit their website.
Different forms of financial aid you can apply for/utilise include the following:
· $5000 bursary (must be a full-time student in a first or second-year multi program)
o Deadline to apply: August 23 (subject to change by year)
o For more information, click here.
· Entrance Awards (must be a full-time student)
o Deadline to apply: August 5 (subject to change by year)
o Visit our scholarships article for more information or click here.
· BCIT Bursaries (must be a full-time student)
o Deadline to apply: varies based on term (there are three terms: Fall, Winter, and Spring)
o Applications must be received by the BCIT Student Financial Aid and Awards Office by 4 pm on the deadline date (or the next business day).
o You will be able to see if you qualify for a spring bursary by mid-July.
o All bursary application results can be found on myBCIT by selecting “Student Self-Service,” clicking the financial aid link, and then clicking “Apply & view status of tuition fee deferral & bursary application status.”
o Your bursary cheque will likely be mailed two weeks from the day it is sent out.
o Please note: if you have any outstanding funds owed to BCIT, it will be deducted from your bursary amount.
Resources to help you manage your financial aid:
· Register for National Student Loans Service Center. By doing so, you’ll be able to check the details of your student loans, update your information, review your loan history and payments, and apply for repayment assistance if you need extra help.
o Please note: you must provide your Social Insurance Number (SIN) to create an account
o For more information and how-to, click here.
· Use the loan repayment calculator available here on Student Aid British Columbia.
o You can use this to estimate how many years it will take you to repay your loan and what the prime rate is.
o You can also read about what different rates are and how they pertain to your loan.
· Check out the Government student loans and grants presentation video.
o This video will help you better understand how to repay your loans!
By taking advantage of BCIT’s Financial Aid Services, you’ll be able to pay for your education! There are also Financial Aid forms listed here that you will be required to fill out if needed, so take a look at which one relates to your situation. In the case of an extreme circumstance, BCIT also provides some emergency funding, which is available here. These include emergency loans and emergency bursaries. The difference between the two is that you do not have to pay back a bursary. In order to apply for an emergency loan or bursary, you will need to make an appointment with an advisor and explain your personal situation instead of filling out an application.
Good luck with your financial journey at BCIT!
