College Prep 101 Financial Aid & Awards

1. College Prep 101Financial Aid & Awards

2. Basics • Careful planning – saving money • Applying Early – admission, awards, etc. • Good budgeting – finite resources for tuition & living expenses • Frugal spending – needs vs. wants

3. Scholarships, Bursaries and Awards • Scholarship: based primarily on scholastic achievement • Bursary: based primarily on financial need • Awards and Prizes: any combination of eligibility criteria, i.e. best grades in a graduating class

4. Sources of scholarships and bursaries: • High school or school district • Post-secondary institution the student will be attending www.okanagan.bc.ca/financialaid • Province of British Columbia www.studentaidbc.ca • Federal government www.canlearn.ca • Service and athletic clubs, unions, churches, that mom, dad, grandma, grandpa or the student may belong to

5. Entrance Awards at Okanagan College • President’s Entrance Scholarships – must apply – check our website in January • Okanagan College Community Spirit Awards – must apply – check our website in January • Adult Academic & Career Prep/ESL Okanagan College Entrance Scholarships – must apply • Mature Student Okanagan College Entrance Scholarships – must apply • SIDIT – Southern Interior Development Initiative Trust Entrance Awards for Trades and Technology students – must apply

6. Awards for Continuing Students • Okanagan College Tuition Bursaries – must apply • Okanagan College Academic Achievement Scholarships – no need to apply • Donor scholarships and bursaries – must apply • Aboriginal Student Bursaries/Okanagan Nation Student Bursaries/Shuswap Nation Student Bursaries - must apply • Emergency Bursaries – must apply

7. Miscellaneous awards • Visit the Links page from Okanagan College Financial Aid & Awards website: www.okanagan.bc.ca/financialaid • Visit www.studentaidbc.ca for information on additional government scholarships, bursaries and programs, i.e. BC Nurses Education Bursaries, Pacific Leaders BC Loan Forgiveness Program, Youth Education Assistance Fund, etc.

8. StudentAid BC – government student loans and grants One online application at www.studentaidbc.ca to be considered for all: • Canada Student Loans – repayable to the Federal government • BC Student Loans – repayable to the Province of British Columbia • Canada Student Grant for Students from Low Income or Middle Income Families • Canada Student Grant for Students with Permanent Disabilities • Canada Student Grant for Low Income Students with Children Under the Age of Twelve • BC Access Grant for Students with Permanent Disabilities • BC Supplemental Bursary for Students with Permanent Disabilities

9. StudentAid BC – quick tips • Apply early, 2010/2011 online application will be available early May 2010. • Complete one online application for each semester of study unless you are in a vocational program. • Government pays interest on student loans while enrolled in full-time study; no payments are required until 6 months after completing or leaving full-time study, however interest begins to accumulate immediately after completing or leaving full-time study. • Students don’t have to be formally admitted to their program or school before applying for government student loans and grants. • Parental income may be taken into consideration. • Parent’s must be designated in the Information Release section of student’s StudentAid BC application to allow Financial Aid staff to talk to them.

10. StudentAid BC – quick tips • Motor-vehicles - $15,000 exemption applied to resale value of motor-vehicles owned by applicant. • Application information is subject to audit by the Ministry. • Must be registered in at least 60% of a full course load (40% for students with permanent disability designation) – check with Financial Aid office at your school. • Audited and previously passed courses are not counted toward 60% course load.

11. Can I borrow as much as I want? No! 2009/2010 Loan Limits:

12. What if I don’t get enough money from StudentAid BC? • Call the Financial Awards staff at your school to discuss options. • Okanagan College 1-800-767-5492 toll-free or 862-5419 in Kelowna. • Award will be analyzed and help provided to reassess or appeal to increase award, or discuss alternate forms of funding, i.e. bank student line of credit with parent co-signing.

13. How do I get my money? After your registration in 60% of a full course load is confirmed by the school to the Ministry, student loan documents are: • printed by the Ministry, as early as 3 weeks before classes start, and • sent to the student’s mailing address on StudentAid BC application form. Students must take them to a designated postal outlet right away – do not wait until classes start.

14. Who do I owe? • Students will have 2 lenders to repay through the service providers hired by the respective governments:Canada Student Loan (Federal government)National Student Loan Service Center 1-888-815-4514BC Student Loan (Provincial government)BC Student Loan Service Bureau 1-877-535-7680 Students must always inform both lenders, through their service providers, when they have a change of address to avoid being sent to a collection agency.

15. How much will monthly payments be over 9.5 yrs. if prime rate is 2.25%? See the Debt Repayment Calculator at: www.canlearn.ca

16. Canada Student Loan Repayment Assistance Program • For students whose 6 month payment-free after study period has ended, who are unemployed or have low income. • Phone the student loan service provider and request Repayment Assistance to keep the student loans in good standing. • If eligible, payments will be reconfigured to income-based payments rather than debt level payments.

17. CSL Repayment Assistance Program • Students in the RAP will have a maximum repayment period of 15 years, with the government helping to make some of the payments so that after 15 years there is no debt remaining. • Students with permanent disabilities must request Accelerated Repayment Assistance (ARAP) and will have a maximum 10 year repayment period before remaining debt is paid by the government.

18. BC Student Loan Debt Management Measures • Interest Relief – extension of interest and payment free period • Other possibilities to keep BC Student Loans in good standing • Must call BC Student Loan Service Bureau to arrange debt management measures.

19. Contact Information Financial Aid & Awards Okanagan College 1000 K.L.O. Road Kelowna, BC V1Y 4X8 Kelowna call: 862-5419 Toll-free: 1-800-767-5492 www.okanagan.bc.ca/financialaid Revised: Feb. 1, 2010