Student Loans

Canadian Student Loans

To qualify for government-funded Canadian student loans you must be:

a full-time student registered in 9 or more credit hours each semester
a citizen or permanent resident of Canada

Students who are registered in 6-8 credit hours may be eligible for a part-time student loan.

Financial need is assessed based on personal income and financial situation. Typically, the maximum amount students can receive is $10,880 per year. It is important to find additional financial sources to cover your tuition and living expenses. Once your loan has been approved you will receive an email from National Student Loan (NSLC) outlining how to set up an account. Follow their instructions in order to complete your loan and receive your funding. For more information visit the Canadian Student Loans website.

How to Apply for Canadian Student Loans

First – Are You Eligible?

Enrolled in 9+ credits/semester at Columbia:You can apply for a full-time student loan.
Enrolled in 6-8 credits/semester at Columbia: You can apply for a part-time student loan.
Enrolled in the EA certificate only: Educational Assistant Certificate students aren’t eligible for student loans.

Need a form filled out by Columbia for your loan?

Just say the word. Please email Tara with your request.

1- Register for Classes

If you’ve been accepted to Columbia, but still haven’t registered, email Admissions to set up an appointment.

2- Are you from BC?

BC students: you will need a BC Services Card to apply for a BC loan.

3- Apply through your home province

Use the links below to access your province’s Canadian student loan program.
Applications open in early June for the upcoming school year and typically take 4-6 weeks to process.
Aim to submit your application by July 15th for the fall semester/full academic year, or by November 1st for the Winter semester.
You can wait to apply for a loan until 6 or 8 weeks before the end of your study period, but we don’t recommend it. It is best to apply for student loans as soon as possible to ensure that your application is processed before the financial payment deadline.

4- Know your Start & End Dates

Your student loan application will ask you to provide start and end dates for your program: September 5, 2023 to April 19, 2024. Using different dates will delay the processing of your application.

5- Are You From Alberta?

Alberta student loan applicants need to refer to this document, detailing program costs, as you complete your application.

6- Submit Your Documents

Send your Financial Aid Advisor your Notification of Assessment or your Funding Summary once you’ve received it from the government.
If you have applied for your loan but it has not been approved by payment deadline (August 15 for the fall semester), you will need to follow the Canadian Student Loan Payment Plan (see Payment Plans & Dates below).

US Student Loans

Students from the United States have many options for obtaining student loans through private institutions and banks. Columbia participates in two main American financial aid programs: the Federal Student Aid Direct Loan Program and the Sallie Mae Smart Option Loan Program.

Federal Student Aid Direct Loan Program

To apply for a Direct Loan complete the following steps:

Complete the free Application for Federal Student Aid (FAFSA) online. Choose Columbia Bible College (school code: G22011) as your school to have your SAR available to the school online. Remember that Columbia Bible College is considered a Foreign School and you must choose foreign country under state.
Sign your Master Promissory Note (MPN) online. If you wish to complete a paper MPN instead of the electronic version, you must order one through Federal Student Aid.
If this is the first time you have received a Direct Loan while studying at Columbia, you must complete entrance counseling online.
If you wish to receive a Parent PLUS loan, your parent must complete a PLUS application form and sign a PLUS MPN. Apply for a Parent Plus Loan.
Submit the Direct Loan Request Form. This form acts as your authorization for Columbia Bible College to process your Direct Loan application. Your loan request cannot be processed until this form has been received.

Once your loan has been processed and approved, Columbia will notify you with an award letter and an award acceptance form which you must fill out and return to the school. Your loan will be disbursed in two equal installments (one each semester) and will be deposited directly into your Student Account. For more information visit the US Direct Loans website.

More information:

The Direct Loan program is funded through the US Department of Education and offers three kinds of loans for students attending schools outside the United States:

Subsidized Loans: low-interest loans that remain interest and payment free while the student is in school.
Unsubsidized Loans: low-interest loans that accrue interest continually but remain payment free while the student is in school.
Parent PLUS Loans: low-interest loans taken out by a parent on behalf of the student.

Students may apply for one or more of these loans at the same time. The subsidized and unsubsidized loans provide financial assistance to a maximum amount determined by several factors. Parent PLUS loans have no limits, but can only be approved up to the remaining financial need after a student’s subsidized and unsubsidized loan limits have been reached.

Columbia adheres to the guidelines of administering the US Direct Loan Program as set out by the US Department of Education. The following students will not be eligible to receive loan funds from the US Direct Loan Program:

Students admitted as Mature Students;
Students taking online courses;
Students registered in certificate programs;
Students registered in diploma programs;
Students participating in internships that do not take place on campus under direct supervision of Columbia staff and/or faculty.

For more information regarding Columbia’s admissions and withdrawal policies, please see our Academic Catalogue.

For Consumer Information Disclosures, please click here.

The following policies apply only to students borrowing US Direct Loan funds. It is the student’s responsibility to be familiar with them: Return to Title IV (R2T4) Policy and Satisfactory Academic Progress (SAP) Policy.

Sallie Mae Smart Option Loans

Sallie Mae Smart Option Loans are funded through the US Department of Education and require students to make small, interest-only payments while in school. The benefit of a Sallie Mae Smart Option Loan is that they tend to approve higher borrowing amounts than Direct Loans with fewer restrictions.

For more information and to apply, visit the Sallie Mae Smart Option Student Loan website.

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