How to Finance Your Creative Education: Financial Aid Options During

Are you looking for a way to finance your creative education? Going back to school can be a big financial decision, especially if you’re not certain of where you’ll work after you graduate.

Luckily, there are a few different federal and provincial loan options available to you, so you can start a new career in art and design and overcome many of the financial barriers to education.

 

FEDERAL OPTIONS

Post-secondary students and recent graduates who are ineligible for the Canada Emergency Response Benefit (CERB) can apply for the Canada Emergency Student Benefit (CESB). From May through August 2020, the CESB will provide $1,250 per four-week period, for eligible students, and $2,000 for students with dependents and those with permanent disabilities.

While employment opportunities are limited, now is the perfect time to give back to your communities and provide assistance during COVID-19. With the help of the Canada Student Service Grant, students who choose to do national service and serve their communities will be eligible to receive up to $5,000 to support their education costs in the fall.

The Canada Student Grants will be doubled for the 2020-21 year: up to $6,000 for full-time students, and up to $3,600 for part-time students.

Federal Student Loan Weekly Limit

For the 2020-2021 school year, the Canada Student Loan weekly limit will increase from $210 to $350.

Federal Student Loan Repayment Freeze

As of March 30, 2020, all federal student loan repayments were automatically frozen and will remain interest free until September 30, 2020.

 

BRITISH COLUMBIA

Residents of British Columbia can apply for loans through StudentAid BC. This combines the federal Canada Student Loans program with the BC Student Loans program. Provincial Student Loan Weekly Limit:

Single	With Dependents
$320	$510

 

 

Combined Federal And Provincial Weekly Limit:

Single	With Dependents
$670	$860

 

 

Provincial Student Loan Repayment Freeze

Effective March 30, 2020, British Columbia student loan borrowers will temporarily have their repayments suspended and remain interest-free until September 30, 2020.

Student Lines of Credit are also available from various financial institutions, including Bank of Montreal, CIBC, and Royal Bank. These lines of credit are available for full-time students and are individually approved. To learn more, visit your financial institution for a list of financial aid options and criteria.

 

ALBERTA

For more information, please visit the Alberta Student Aid website.

Start a new career in art and design today. Fill in the REQUEST INFO form to learn more and speak with a student financial planner.