Financial Aid

Canada and Provincial Student Loans are available to Canadian Citizens and Landed Immigrants/Permanent Residents who are enrolled in a Full Time program at VFS.

Our Admissions Advisors are available to answer questions and provide detailed information on any aspect of qualifying criteria, maximum loan amounts, your specific situation, and applying for Student Assistance. The information below is provided only as a guide. Speak to an Advisor today for personalized help.

Government Student Loan funding is based on tuition, fees, books, supplies, living expenses, income and available resources and reaches a maximum yearly level that varies Province by Province. Please contact your Admissions Advisor for personalized help.

Applications are available through VFS or
by calling Canada Student Loans toll-free at 1-888-432-7377 .

General information on the Canada Student Loan program is available at:

CANADA GOVERNMENT

Specific information on Provincial Student Loan programs is available at:

Other funding options that may be available:

LLP: LIFELONG LEARNING PLAN

LLP is a program that allows Canadian residents to withdraw funds from RRSPs, without penalty, to fund education. To apply, you must have a letter of acceptance to a full-time program from VFS. The LLP allows you to withdraw up to $10,000 per year (to a maximum of $20,000) for you or your spouse without the withdrawal being taxed. You have up to ten years to pay back your withdrawal.

RESP: CANADA REGISTERED EDUCATION SAVINGS PLAN

A registered education savings plan (RESP) is a, tax-deferred, savings vehicle generally used by parents to save for their children's post-secondary education. Contributions to an RESP for a child beneficiary may be eligible for Canada Education Savings Grant payments (CESG). Investment earnings on contributions and CESG payments can grow tax-free until they are distributed and included in the recipient's income and taxed accordingly. In most cases, the recipient is a student whose total income results in a minimal amount of tax.

STUDENT LINES OF CREDIT:

Royal Bank of Canada

The Royal Bank of Canada, Hastings & Granville Branch, in Vancouver, BC, has created a line of credit package for VFS students. Contact Usman Rathore at 604-665-6339 for detailed information. Usman can help you establish your credit limit. It will be based on your need and ability to repay. A co-signer may be required. A line of credit is different from a loan because you take money out only as you need it and pay interest only on what you withdraw while you are in school. The minimum amount for the Royal Bank Student Line of Credit is $5,000.

Useful Links:

Student Banking
Student Lines of Credit
Student Banking Package

Bank of Montreal

The Bank of Montreal, Main Branch, in Vancouver, BC, has created a line of credit package for VFS students. Contact Michael Neufeld at 604-665-7577 or Michael.neufeld@bmo.com for detailed information. He can help you establish your credit limit. It will be based on your needs and ability to repay. A co-signer may be required. A line of credit is different from a loan because you take money out only as you need it and pay interest only on what you withdraw while you are in school. The minimum amount for the Bank of Montreal Student Line of Credit is $5,000.

Other financial institutions also offer lines of credit or personal loans. These student lines of credit often start at a minimum of $1,000.

NOTE : The financial options that have been presented have no affiliation with VFS and are listed for information only. Please read carefully the full text (and the fine print) of any contract in which you engage and be sure you understand it before you sign it. VFS is not responsible for terms and conditions imposed by third-party services.

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