Finances

The Royal Bank of Canada, Hastings & Granville Branch, in Vancouver, BC, has created a line of credit package for VFS students.

• Your credit limit will be based on your need and ability to repay.
• A co-signer may be required.
• The minimum amount for the Royal Bank Student Line of Credit is $5,000.

Useful Royal Bank Links:

• Student Banking Package
• Student Lines of Credit

For detailed information, contact

Roberto Milano, Account Manager at 604-678-2882

Seon Ji, Banking Advisor at 604-665-3103

 The Bank of Montreal, Georgia & Homer Branch, in Vancouver, BC, has created a line of credit package for VFS students.

• Your credit limit will be based on your need and ability to repay.
• A co-signer may be required.
• The minimum amount for the Bank of Montreal Student Line of Credit is $5,000.

For detailed information, contact

Kanchy Nakagawa, Financial Services Manager at 604-665-7273

Many financial institutions also offer lines of credit or personal loans. These student lines of credit often start at a minimum of $4,000. In addition to the two banks above, you can also talk to:

• TD Canada Trust
• CIBC
• Scotiabank
• HSBC

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.

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.

Our Admissions Advisors are available to help answer your 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.

You can apply by contacting VFS, or by calling Canada Student Loans toll-free at 1-888-815-4514.

LLP is a program that allows Canadian residents to withdraw funds from their Registered Retirement Savings Plans (RRSPs), without penalty, to fund their 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.

• Detailed Info
• Withdrawal Form

An 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.

• Detailed Info

If VFS receives tuition, VFS will refund the tuition that was paid in relation to the program in which the student is enrolled if VFS receives a notice of withdrawal from the student no later than seven days after the effective contract date and before the contract start date.

After seven days after the effective contract date and:

a) If at least 30 days before the contract start date, VFS may retain up to 10% of the tuition due under the student enrolment contract, to a maximum of $1,000.

b) If less than 30 days before the contract start date, VFS may retain up to 20% of the tuition due under the student enrolment contract, to a maximum of $1,300.

a)     If VFS receives written notice of your withdrawal, or if you are dismissed up to and including 10% of your program's duration has elapsed, VFS will retain 30% of the Tuition Fee due under this contract.

b)    If VFS receives written notice of your withdrawal, or if you are dismissed where more than 10% and up to and including 30% of your program's duration has elapsed, VFS will retain 50% of the Tuition Fee due under this contract.

c)     If you withdraw or are dismissed where more than 30% of your program's duration has elapsed, no refund will be issued.

 VFS will retain the lesser of 10% of the Tuition Fee due under the contract or $400 if you are an international student who applies for and

a)    is denied a study permit authorization from Citizenship and Immigration Canada, or

b)    does not receive authorization prior to the start of program study

provided that

i.        you notify VFS of the circumstances in subsection 5.3 (a) on or before the first day your program is scheduled to begin, and

ii.        you, within a reasonable time, provide documentation of the circumstances in subsection 5.3 to VFS, by way of a copy of the denial letter

• If you do not meet VFS's and/or program specific minimum requirements for admission, through no misrepresentation or fault of your own, VFS will refund all Tuition Fees paid under the contract, less the applicable non-refundable application or registration fee for the program.

• VFS will pay refunds within 30 days of VFS receiving written notification of withdrawal and all required supporting documentation, or within 30 days of VFS's written notice of dismissal.