Just in time for the 2016/17 school year, some Canada Student Grants amounts will increase by 50 per cent, helping over 350,000 students.
A news release last Thursday announced some changes to the Canada Student Grants. The changes took effect on August 1 and include:
- A grant increase from $2,000 to $3,000 per year for full-time students from low-income families.
- A grant increase from $1,200 to $1,800 per year for part-time students from low-income families.
- A grant increase from $800 to $1,200 per year for students from middle-income families.
As of November 1, student borrowers will also no longer have to make any repayments until they are earning at least $25,000 per year, due to a rule change in the Government of Canada’s Repayment Assistance Plan.
AMS VP External Kathleen Simpson recognizes the changes as “a good step towards reducing barriers to access.”
Further increases to student financial assistance are said to be in store for the 2017/18 school year.
“The future prosperity of our country depends on young Canadians getting the education and training needed to succeed in the job market,” said Minister of Employment MaryAnn Mihychuk in a written statement. “As a result of these new measures, post-secondary education will be more affordable, and students will be better positioned to transition into the workforce after graduation.”