Degree Completion Students

Degree Completion programs offer flexible and accessible pathways for completing your degree. To ensure the highest level of flexibility without forgoing affordability, degree completion tuition includes a built-in discount in lieu of TWU scholarships and awards. Further financial assistance may be available through student loans.

Student Loans

Your government loan is an agreement between you and the provincial/federal government. Therefore, you are responsible for being informed of the details of your loan such as the funding amount, any required documents, the disbursement dates, and following up on any details that are unclear. This also includes assuming responsibility and following up if your loan has been delayed for any reason.

Students in eligible programs with Canadian citizenship, permanent residency or protected person status in Canada may be eligible for student loan and grant funding through their province of residency. Residency is defined as the last province you or your parents have lived for 12 continuous months without you being a full-time post-secondary student. Canadian student loan and grant programs are based on financial need, which is determined by a standardized government assessment.

Before applying for a student loan, students must determine whether to apply for a full-time loan or a part-time loan.

  • If you will be registered in a 60% course load (9 semester hours) or above, you may apply for a full-time loan.
  • If you are registered in a 20% to 53% course load (3 semester hours to 8 semester hours), you may apply for a part-time loan.
  • If you are eligible for a full-time loan one semester and a part-time loan the other semester, you must apply for two separate loans.
  • If you have a documented permanent disability, you may apply for a full-time loan at a 40% course load (6 semester hours).

Loan funding should be considered as a supplement to other resources you may need to cover all your educational and living costs.  We highly recommend developing a financial plan to ensure you have enough funding for the duration of your studies.

BC Student Loans

How to Apply

  1. Apply online through StudentAid BC to be considered for both federal and provincial student loan and grants.  The application for classes starting after August 1 will be available in early June.
  2. Refer to the course load guide to make sure you have enrolled in enough semester hours to be eligible for funding.
  3. Complete your application at least two months before classes start to receive your funding at the beginning of the semester.
    • Note: If you are a first-time loan borrower you will need to have your identity verified by Service BC before you can access the loan application through Student Aid BC dashboard.
  4. Review your Notification of Assessment (NOA) which is posted to your Student Aid BC dashboard after your student loan application has been assessed.
  5. If you are applying for a student loan for the first time, (or haven’t received loan funding for a period of 2 years or more) submit the Master Student Financial Assistance Agreement (MSFAA) in a timely manner. A late submission will delay your loan disbursement.

Confirming Enrolment and Receiving Your Student Loan

The National Student Loans Service Centre (NSLSC) administers your loan on behalf of the federal and provincial government.  After your MSFAA has been processed by NSLSC, a request will be sent electronically to TWU to confirm your enrolment.

Note: the earliest we receive the request to confirm your enrollment is a few weeks before classes begin each semester.

After your MSFAA has been processed and your enrolment has been confirmed, your funds will be either deposited electronically into the bank account you have specified or a cheque will be mailed to your address on file. The deposit usually occurs within seven business days of the confirmation of enrolment date. If you have any concerns about your loan funds arriving after your first payment is due, please contact the Office of the Registrar.

Interest Free Status

Students not studying during the summer semester do not need to apply for interest free status. If you intend on returning to TWU during the fall semester and do not intend on applying for another BC student loan, please see below.

Returning students who receive further student loan funding

If you receive additional student loan funding, you will not have to begin repayment and the federal portion of your Canada-B.C. integrated student loan will be placed into in-study interest-free status if the Schedule 2 Confirmation of Enrolment has been received and approved by the National Student Loans Service Centre (NSLSC).

Returning students who are not receiving further student loan funding

If you are a returning student and are not receiving further student loan funding, you must apply to maintain your in-study interest-free status by submitting an online application via the NSLSC online portal or submit a paper Schedule 2 application to the NSLSC. One application will defer both your outstanding Canada student loan and your B.C. student loan from entering into the repayment phase.

For eligibility for interest free status, please see loan eligibility listed above. If you do not meet eligibility for interest status and are experiencing difficulties with repayment, please see NSLSC’s information on the Repayment Assistance Program (RAP).

Frequently Asked Questions

  • What if I drop below 60 percent course load (or 40 percent for students with permanent disabilities)?

To remain eligible for your funding or for interest free status, you must complete a minimum of 9 semester hours per semester for undergraduate programs and a minimum of 6 semester hours per semester for graduate programs for the entire study period you have received funding.  If you intend to drop a course or audit a course, we advise to check in with the Financial Aid & Awards Office to ensure it does not affect your eligibility for loans.

Make sure you attend all classes, hand in all assignments, and write all the exams; otherwise you may be considered withdrawn from the course and potentially drop you below the minimum course load level.

Dropping below the minimum course load will result in a reassessment and may result in an overaward.

An overaward occurs when a student receives more assistance than they are eligible to receive. This may be caused by a reassessment on an application due to new information received, an audit being conducted by StudentAid BC, a withdrawal from full-time studies or other reasons. In most circumstances, students will have a loan overaward deducted from any future loan entitlement.

  • What if I’m enrolled in courses at TWU and another institution (split-enrolment)?

If you are enrolled in courses at TWU and at another institution concurrently, this is referred to as split enrolment. You may be eligible for loan funding provided that the course is for credit at a designated school and is essential to your degree at TWU.  The course(s) must have a start and end date within the study period you are receiving funding for.  Open learning courses are not eligible.

You will need approval from the Financial Aid & Awards office by completing the split enrolment approval form.

Out-of-Province Canadian Loans

Students must apply for a student loan through the province you must apply to the province in which they are considered to be a resident.  Residency is defined as the last province you or your parents have lived in for 12 continuous months without you being a full-time post-secondary student. If you have residency in a province or territory outside of BC, please follow the link below corresponding with your place of residency:

When completing your loan application, you may be required to have a Program Information Form completed by our Financial Aid Office. For some provinces such as Ontario, we receive an electronic request to complete this form; but for other provinces, such as Saskatchewan or PEI, you will be required to send us the paper copy to fill out and submit for you. Applications, such as BC and Alberta, will have you select the program from a drop-down menu and will already have our tuition costs in their system.

Confirming Enrolment and Receiving Your Student Loan

The National Student Loans Service Centre (NSLSC) administers your loan on behalf of the federal and provincial government.  After your MSFAA has been processed by NSLSC, a request will be sent electronically to TWU to confirm your enrolment.

Note: the earliest we receive the request to confirm your enrolment is a few weeks before classes begin each semester.

After your MSFAA has been processed and your enrolment has been confirmed, your funds will be either deposited electronically into the bank account you have specified. The deposit usually occurs within seven business days of the confirmation of enrolment date.

Interest Free Status

Returning students who receive further student loan funding

If you receive additional student loan funding, you will not have to begin repayment and the federal portion of your Canada-B.C. integrated student loan will be placed into in-study interest-free status if the Schedule 2 Confirmation of Enrolment has been received and approved by the National Student Loans Service Centre (NSLSC).

Returning students who are not receiving further student loan funding

If you are a returning student and are not receiving further student loan funding, you must apply to maintain your in-study interest-free status by submitting an online application via the NSLSC online portal or submit a paper Schedule 2 application to the NSLSC. One application will defer both your outstanding Canada student loan and your B.C. student loan from entering into the repayment phase.

Ineligible Programs

Student loan funding is limited to students enrolled in full-time programs leading to a formal credential such as a certificate, diploma, or degree.  Programs that are only offered on a part-time basis, or programs that are specifically designed to meet the needs of the full-time members of the workforce (such as Executive Programs) are ineligible for government student loans.  Note: if your program is ineligible for student loan funding, it is also ineligible for interest-free status.

The following programs are ineligible for government student loan funding:

Certificate Programs

  • Project Management Professional Program
  • Graduate Certificate in Christian School Education
  • Certificate in Geographic Information Systems
  • Graduate Certificate in Educational Leadership
  • Graduate Certificate in Biblical Studies and Christian Thought
  • Graduate Certificate in Leadership

Undergraduate Degree Programs

Casual Studies (student enrolled in classes specifically to meet the entry requirements for a program that leads to a degree or credential may be eligible as Qualifying Studies.

Graduate and Doctoral Degree Programs

  • Executive MBA
  • MBA – Management of the Growing Enterprise specialization
  • MBA – Non-Profit and Charitable Organization Management specialization
  • Master of Arts in Educational Studies – Special Education
  • Master of Arts in Leadership
  • Master of Science in Nursing (MSN)
  • Doctor of Ministry

Disclaimer: The Financial Aid Office keeps this list as up to date as possible, however, program changes can occur without the knowledge of the Financial Aid & Awards office.  Please contact us if you have concerns about the eligibility of your program.

Student Line of Credit

How are student lines of credit different than government loans?

The main difference between a student line of credit and the government student loan program is in how the interest accumulates and the loans are repaid. If you qualify for a student line of credit, you will usually be responsible for all the interest that accrues as soon as you take funds from your line of credit. If you do not take any funds from your line of credit, there will be no interest. In addition, you will usually have to make monthly interest payments while you are in school. In contrast, if you qualify for a government student loan, you will not accrue interest provided you are enrolled as a full-time student, and you take the appropriate steps to update your enrolment information with the National Student Loan Service Centre (for Out of Province loans). For BC residents, apply for interest free status via StudentAid BC. You would not make any monthly payments either, if you notify your service providers that you are attending school full-time.

Additionally, a line of a credit is a set amount, whereas students may apply for a student loan each academic year.

Recommendation 

Due to the advantages offered by the government student loan program, we recommend you apply for a government loan first before looking at student lines of credit. If you do decide to pursue private funding sources, be sure to shop around and research the terms and conditions carefully as they can vary between financial institutions. A co-signer may also be required.

The Federal Direct Loan program is not available for TWU’s degree completion programs.  There are a limited number of private lenders available for students who are studying outside of the US.  We strongly encourage you to explore your options thoroughly.  TWU does not have a preferred lender for private loans.

Email awards@twu.ca if you are pursuing a private loan option so that we can review your borrowing amount and repayment responsibilities.