Financial Aid and Awards

Apprentices registered in a Red Seal trade apprenticeship program who meet the eligibility requirements for Canada Apprentice Loan (CAL) may receive up to $4000 in interest-free loans per period of technical training.

The purpose of the Canada Apprentice Loan is to provide apprentices registered in Red Seal trades with loans to assist with the costs of attending technical training.

The Apprenticeship Completion Grant (ACG) is a one-time taxable cash grant of $2,000 maximum available to registered apprentices who have successfully completed their apprenticeship training and obtained their journey-person certification in a designated Red Seal trade on or after January 1, 2009.

Apprenticeship grants are provided to increase access to apprenticeships in the Red Seal trades by helping apprentices cover expenses such as the purchase of tools and other materials required for learning on-the-job and travel expenses associated with classroom training.

There are three types of training tax credits:

• Basic credit for the first two levels of non-Red Seal training programs
• Completion credit for level 3 or level 4 for both Red Seal and non-Red Seal training programs
• Enhanced credit for First Nations individuals and persons with disabilities

The Apprentice Incentive Grant helps pay for expenses while you train as an apprentice in a designated Red Seal Trade. It is a taxable grant of $1,000. 

The Apprentice Incentive Grant for Women is a taxable grant of $3,000 that helps pay for expenses while you train as an apprentice in a designated Red Seal Trade where women are underrepresented.

Two really good resources are the Financial Consumer Agency of Canada and the CanLearn websites. Here you will find information for before and while you are in school on the following:

• Saving and budgeting your money
• Working part-time
• Repaying loans and debt free solutions

For most post-secondary students, money is tight. But remember, every dollar you can save while you’re in school is one less dollar that you’ll owe in student debt when you graduate. Consider whether the tips below will work for you:

• Live at home while in school. Going away for school is a great experience, however it is also a great cost. If you are able, stay at home as long as possible. If it is not, consider living with roommates, sharing accommodations, or living in residence rather than living on your own.
• Apply for grants, bursaries, and scholarships. These are resources to 'free' money that does not need to be paid back, so it is worth your while to research and apply for as many as possible. Visit the following resources for help finding grant, bursaries, and scholarships:
  • Awards Guide (for Okanagan College Awards & Applications)
  • CanLearn.ca
  • StudentAwards.com
• Manage your student loan and other borrowing carefully. If you are assessed for a greater loan amount than you need, request only the amount that is needed. Avoid increasing your debt by spending more than you need to, simply because the funds are available to you. Be sure to stay on track with your budget to make sure that you have enough funds to get you through to the end of the term.
• Be wary of using credit. Credit cards and other sources of credit are very expensive ways to borrow money if you aren’t diligent in paying off your balance every month. It is a downward spiral that is best avoided all together.
• Opt out of health and dental coverage ONLY IF you already have similar coverage. If you are still covered for health and dental on your parent’s plan, or another plan you already pay into, you may be able to opt-out of your student health and dental fees and be reimbursed for this money. However, keep in mind that you may need to provide proof of this in order to successfully opt-out, as well as, there may be an opt-out deadline. It is best to discuss your options with the school before making any decisions.
• Buy, sell, and swap old text books. Take part in selling, swapping and buying used text books whenever possible. Be sure to check with your instructor or school bookstore that you are acquiring the correct or equivalent edition of texts, as they change often and are sometimes unusable once they do. If the school bookstore does not offer used book options, they may have resources as to who does in your area.
• Use your student discounts. Many businesses offer student discounts and rates, so take full advantage when able. Check with the school’s student association for resources to local businesses that offer student discounts and rates. You can also sign up for the International Student Identity Card (ISIC), which will get you discounts on a range of products and services and is usually free to post-secondary students.
• Shop around, use coupons, and look for bargains. anywhere that you can save a buck helps. Look for sales, discounts, and specials, and shop as fruitfully as possible.
• Take advantage of tax deductions and tax credits. Check with both the provincial and federal governments for the tax credits and deductions that are available to students on things like tuition fees, books, moving expenses, and more.
• Save on transportation costs. Walking, biking, and using public transit are the cheapest ways to get around. Check with the Student's Union Office for student rates on bus passes.

To apply for awards you must login to your myOkanagan account and navigate to the Financial Aid and Awards channel on the Applicant page or Student page and click on Apply Online for Awards.

For more information about how to navigate the online awards page, watch this short demo video to help you get started!

If you receive an Award, we ask that you acknowledge the generosity of the donor(s) by writing a thank you letter. You can inform the donor of how their donation has made an impact on you, about your aspirations, activities and future plans.

To help students we have prepared a Thank You Letter Template (Word Document). This is only a guide to help you compose your letter, but your letter does not have to follow this format.

If you applied online for awards you can check your application status online in your MyOkanagan account. Once logged in navigate to the Financial Aid & Awards channel on the Applicant or Student page and click on View Online Awards Applied for.

View Online Awards Applied For

Once in the View Applications screen, you will see a list of all awards applications you have completed by term and the individual awards your have applied for. If you are approved you will be emailed directly with details of which award you have received and how/when the award will be presented to you.

Most full-time programs that are longer than 12 weeks in duration are eligible for funding. If you are not sure whether your program is eligible, please contact our office directly.

Online applications for government student loans and grants are available on the StudentAid BC website. At this website, you can:

• apply for student assistance (student loans & grants)
• check the status of your application
• find information on the entire student loan process from applying to repaying

Note: there is only one application for both loans & grants​.

The StudentAid BC online application portal opens around the beginning of June each year.

There is no separate application for grants. When you applied for student loan, you are automatically being assessed for any grants that you are eligible for.

If you are still studying full-time but no longer receiving funding through StudentAid BC, you need to apply for interest-free status to delay paying back your student loan. The online interest-free application (on the StudentAid BC website) will need to be submitted, and can only be done by students attending B.C. public post-secondary schools at this time. The online form will then be sent electronically to your school for confirmation of enrollment and then to your loan providers for assessment.

Government student assistance is designed to supplement, not replace, family resources.
 

If a student does not meet the government’s criteria to be an independent student, the student’s parental income will be required to determine if a financial contribution is expected.

NOTE: It is important to note that the government will consider circumstances such as disability and how many dependents are in the family.

Dependent students are considered by StudentAid BC to be financially dependent on their parent(s), step-parent(s), sponsor(s) or legal guardian(s). Dependent students have never been married, or do not have dependent children, or have not been out of high school for 48 months, or have not been in the labour force for two periods of 12 consecutive months.

Independent students are regarded by StudentAid BC as being financially independent of their parent(s), step-parent(s), sponsor(s) or legal guardian(s). Independence is determined by such factors as length of time out of high school, marital status, and number of years in the full-time labour force.

If your student loan/grant assessment comes back to you as denied or with a smaller funding amount than expected, you may be eligible to request a re-assessment or appeal of your application.

An appointment with a Financial Awards Assistant is required to go over your options and advise you of the correct processes.

Eligibility criteria:

• You are a Canadian Citizen, Permanent Resident or Protected Person
• You are enrolled in an eligible program (ABE, ASE or EL)
• You demonstrate financial need

You and your spouse (if applicable) must provide a copy of your previous year's tax return or other proof of income.

If you are under the age of 22 and reside with your parent(s), your parent(s) must provide proof of income as well. See the application for examples of proof of income.