BC Loan Forgiveness Program

Who wouldn't like to have their outstanding BC student loan debt reduced at the rate of 33% a year?

Sadly, few people qualify for the BC Loan Forgiveness Program, which offers this rapid loan reduction. But see if you could be one of the few.

The BC Loan Forgiveness Program is available to 10 categories of health professionals, as long as they agree to practice in a publicly-funded facility in a designated under-served area of BC.

To qualify, you must have studied after certain dates:

If you're a Nurse, Nurse Practitioner, Physician, Midwife, or Pharmacist, you must have started your final year of study on or after August 1, 2000.

If you're a Speech Language Pathologist, Occupational Therapist, Physiotherapist, or Audiologist, you must have graduated on or after December 1, 2004.

Two major benefits come with this program:

Your BC loan is reduced by 1/3 for each year you practice under the program terms stated above.

The BC Government also pays the interest on your BCSL debt for each year you practice under the program terms stated above.

As long as you serve in a designated region, you may work full-time, part-time, or as a casual. But if you don't complete a full year of practice, that accrued interest gets capitalized into principal and you'll be responsible for payment.

Still, this program is so generous that some students may want to change their course of studies in order to apply.

If you're tempted, remember that programs can end – and that you can't apply if you're still in full-time studies.

Other requirements:

You must have graduated from an accredited post-secondary educational facility.

Your British Columbia Student Loan must be in good standing. So if you are behind on your payments, you'll need to catch up before applying for this program.

To see or download/print the BC Loan Forgiveness instructions and application form, see Provincial Application Forms.