The notoriously long line-ups at the University of Victoria's student financial aid office are now a thing of the past.
This fall, UVic was one of three B.C. sites to test a new computerized system for processing student loans. The system passed with flying colours and will be made available to all B.C. colleges and universities next year.
The new system is the result of a collaborative project involving the Ministry of Advanced Education, Training and Technology, UVic, Simon Fraser University and Okanagan University College. It eliminates one of the most time-consuming aspects of applying for a student loan: standing in line waiting for documentation.
In the past, UVic students had to line up for up to two hours to get the loan documents to take to their banks. Now, all students have to do is submit their loan applications to the ministry's student services branch. Assessment of the application triggers an electronic communication with UVic's records to confirm that the applicant is registered in a sufficient number of courses to qualify for a loan.
Once confirmation is made, the ministry mails loan documents directly to the student.
"It's a wonderful system," says Pat Sarsfield, manager of the student financial aid office. "It's much more convenient for students, and our office doesn't have to be a loan 'mailroom' at the start of every semester. It frees up our time to assist students who really need our help."
Sarsfield adds that the new system is one of the first steps in a multi-year project to streamline the student loan process. "Ultimately, we'd like to convert to electronic transfer of funds, in which the government would deposit loans directly into a student's bank account," says Sarsfield. "Our computers would talk, but essentially our office would be out of the process. Electronic confirmation is the first step."
According to the ministry, a new program allowing students to apply
for grants and loans over the Internet will be tested next year.