Better Late than Never: BC goes RAP

 
Good news if you've been struggling to pay your BC student loans!
 
As of July 1, 2012, you may finally get the same kind of student loan repayment aid on BC student loans that you've had with your Canada loans.
 
Yes, the Repayment Assistance Plan (RAP) will now be extended to the BC portion of integrated student loans.
 
RAP helps people with modest incomes keep up with their student loan payments rather than defaulting.
 
RAP is a 2-stage program that tailors your monthly loan payment to income and family size. It replaces 2 earlier student loan aid programs: Interest Relief and Debt Reduction.
 
 
 
Today's announcement offers a much-needed step forward for BC's higher education access - which has hit bottom.
 
Until 10 years ago, BC led the country on that score. But with a change of governments, policies reversed. BC became the toughest place in Canada to manage student loans.
 
BC's 'perfect storm'?  High student loan interest rates + rising tuition costs + cuts in grants and other aid + high living costs + low minimum wages.
 
 
Today's RAP announcement has actually come 3 years late.
 
BC was expected to join the federal RAP program when it agreed to integrate BC and Canada student loans. (RAP has operated for some time now in other provinces with integrated loans.) 
 
However, in 2009, BC's entry into RAP was cancelled and the government made sweeping cuts to BC's student aid.
 
Those other cuts remain. But BC will finally start RAP.
 
 
Btw, some BC reporters floated the idea that this RAP program was somehow re-designed by BC's Premier, Christy Clark.
 
At writing, I haven't seen anything to support this idea.
 
Though details were scant, today's Advanced Education ministry news makes BC's program sound like the normal RAP program that's run in other parts of Canada. 
 
Indeed, it would probably be easier for BC students if it is the same. Having 2 different sets of RAP criteria for one integrated student loan makes it harder to manage the loan.
 
However, perhaps we will see a difference when the rules are out. Either way, this belated announcement is a much-needed step in the right direction. 
 
 
For Student Finance 101 articles on how federal RAP works, see: 101, 201 and Q+A.)
 
Remember... BC has not yet published operational details for BC RAP. So, while the program should be similar, some rules or criteria may differ.
 
October 2013 Update: We have not been able to obtain an operations manual to answer questions about BC RAP.  
 
(c) Jeannine Mitchell 2012-2014