Funding Your Exchange
Enrolment Services
Your Enrolment Services Professional is here to help you!
Topics for this workshop:
•Financial planning
•Student loans for exchange students
•Maintaining interest free status
•UBC Bursaries
Most students rely on more than one
resource to fund their education
Here are some options:
Scholarships
Savings
Family Support
Student Loans
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:
Costs not Included:
•Educational Expenses
•
(tuition, fees, books &
supplies)
•Living Expenses (shelter,
food & transportation)
•
•
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!
• Contact your ESP in June to verify the study dates you
should use.
• If you do not have an ESP, please call Enrolment
Services at 604-822-9836
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
• If you are unsure if you should apply for a 1 term or full
year loan, please contact your ESP.
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
Power of Attorney (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.
• 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: September 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 Enrolment
Services
Contact Us
If you are assigned an ESP, please contact them directly with
any questions. (Under “UBC Contacts” in the “Personal Info”
menu in your Student Service Centre (SSC).
If you do not have an ESP, please call Enrolment Services:
(604) 822-9836