At Story Institute, we believe that paying for quality, industry-ready education shouldn’t hurt! That’s why we keep our tuitions affordable and have instalment plans that work for you.
Taking Out A Student Loan: Is It Worth It?
Most of us think that debt is a four-letter word because, well, technically it is! But as any good financial advisor will tell you, not all debt is created equal. And knowing the difference between good debt and bad debt can spell the difference between pursuing your dreams or putting them off until who knows when.
One of the top three reasons students across Canada postpone their education, sometimes indefinitely, is because they don’t want to be in debt when they graduate. That’s why its important to learn about all types of financial aid and how it can help to achieve your goals.
Consumer debt is not the same thing as “Invest-in-your-future” debt: Bankers and financial advisors say investment debt is good debt because it’s revenue-generating.
Some provinces (including B.C.) now charge zero interest on provincial student loans.Check out the details here.
You have 10 years to pay back your loan. And at way lower interest than a normal bank loan or credit card.
You don’t have to start paying back your loan until six months after you graduate. That’s right, you don’t have to make payments while you’re in full-time studies. What a relief!
You don’t have to start paying back your loan at all until you start making $25,000 a year. Check out the details here.
(for Canadian residents and Permanent Residents only)
Government of Canada – Student Financial Assistance: 1-888-815-4514
(for general information on the student loan program)
Information for each specific Province is listed below:
British Columbia 1-800-561-1818
New Brunswick 1-800-667-5626
Prince Edward Island 1-902-368-4640
Novas Scotia 1-800-565-8420
Northwest Territories 1-800-661-0793
Most major banks and credit unions allow you to apply online and we have found working with a bank you have an existing relationship is often the best strategy.
Please do not hesitate to reach out to our Student Experience Coordinator or an Admissions Advisor should you have any questions (778) 222-8677
Registered Educational Savings Plans (RESPs) are available for Story Institute students. We are a Designated Educational Institution (code: APUI) where you may redeem your RESP funding. Please contact your RESP provider or Human Resources and Skills Development Canada (HRSDC) at 1-800-622-6232 for further information.
Revenue Canada’s Life Long Plan (LLP) allows Canadian residents to withdraw funds from Registered Retirement Savings Plans (RRSPs), without penalty, to fund education. The LLP allows you to withdraw up to $20,000, tax-free, from your RRSPs ($10,000 Annually) to finance full-time training or education for you or your spouse. You must first have a letter of acceptance to a full-time program from Story Institute to apply. There isn’t any interest on these loans from yourself but you will need to pay it back or you will be taxed on it. The expectation is approximately 10% of the amount borrowed to paid back each year.
Phone: 778-222-8677 (Credit card only)
Mail: Cheque, Money Order, Bank Draft (Story Institute, 320-640 W. Broadway St, Vancouver, BC, V5Z 1G4)
Email: Online Banking Email Transfer to firstname.lastname@example.org
Are you ready for a career as a professional actor?
Speak with one of our admissions advisers today!