After Your Studies: Repay and Grow

Understanding your student loan repayment is crucial. Here are a few things to keep in mind if you received StudentAid BC or funding through another province.

• Student loan repayment begins 6 months after your studies end.
• Loans through StudentAid BC are interest-free.
• Interest rates can differ in other provinces and territories, so please check with them. Federal loans are also interest-free.
• Flexible repayment plans may be available through the Repayment Assistance Plan. 

If you have student line of credit or bank-issued loan, connect directly with your bank or credit union to discuss repayment details. 

Your financial situation will change after school. Changes to your income and costs, it’s time to reassess your budget. 

Consider using the 50-20-30 rule to guide your spending: 

• 50% Essentials: Rent, utilities, groceries, transportation 
• 20% Financial Priorities: Debt repayment, savings, investments 
• 30% Personal Priorities: Travel, fitness, dining out, and other lifestyle choices 

The Credit Counselling Society has some great resources for budgeting and debt reduction.

Please note: In the Greater Vancouver Area, people can spend up to 60% of their money on housing and other essentials. Budgeting will differ depending on where and how you live.

Plan for your financial future:  

• Look into different savings and investment accounts, eg. TFSA, FHSA, RRSP to begin saving and investing 
• Set SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound) for things like paying off debt or saving for a large purchase.
• Take advantage of BCIT alumni perks and discounts
• Start exploring investment options to grow your wealth over time 

Use Career Services
BCITSA Career Services is available to support your job search. They can help you: 

• Find employment opportunities 
• Build and refine your resume 
• Connect with industry professionals 

Repaying your student loans and credit cards on time helps you build a strong credit history, which is important for future financial goals like renting an apartment or applying for a mortgage.

Check your credit report annually via Equifax or TransUnion Canada or check with your banking institution.

Don’t forget to take advantage of tax benefits: 

• Tuition tax credit
• Student loan interest deduction (for loans with interest)

These can help reduce your tax burden and increase your refund. 

To learn more, the BCIT Accounting Association hosts annual tax clinics or speak with a tax professional.