As the country grapples with the cost-of-living crisis, Ottawa is finding ways to help Canadians go back to school by extending the government’s student loan and grant programs.
In an announcement on Tuesday, Randy Boissonnault, minister of employment, workforce development and official languages, met with students and faculty at MacEwan University in Edmonton to highlight the government’s extended student financial assistance enhancements for the 2024 to 2025 academic year.
“Making education more affordable will help students and apprentices to put their talents towards innovation, building up our communities and solving global challenges,” said Boissonnault in a statement.
“Our government is listening to students – it’s clear they need more support, and that is precisely what we are providing.”
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Changes to the Canada Student Financial Assistance Program came into effect for this school year. These include extending the Canada Student Loan limit increase to $300 per week of study for full-time students and the 40% increase to Canada Student Grants for full-time students, part-time students, students with disabilities, and students with dependants by one year.
It also includes permanently eliminating the credit screening requirements for students aged 22 and older who are applying for a student loan or grant for the first time.
The government says that in the 2024-2025 school year, approximately 297,000 students will benefit from the extension of the weekly student loan limit amount while extending the temporary 40% increase to grants will help approximately 587,000 Canadian students.
Permanently eliminating credit screening as a requirement for first-time student financial assistance applicants aged 22 and older is expected to impact approximately 1,000 Canadians annually.
Ottawa’s 2024 budget also addresses student rental costs, including a measure to “modernize” housing allowances used by the Canada Student Financial Assistance Program to assess students’ financial needs.
As of August 1, approximately $154.6 million over five years in additional student financial aid, with over $32.3 million per year ongoing, will help about 79,000 students each year, according to the feds.
Overall, the government says it will invest $1.1 billion in student financial aid from 2024 to 2025.
Not a student? There are many other ways Canadians will get money from the feds this season. Read about them here.