Federal assistance making post-secondary education more accessible now available to students.
The Honorable Diane Finley, Minister of Human Resources and Skills Development, announced that students can now benefit from two new student financial assistance measures: the Canada Student Grants Program and the Repayment Assistance Plan.
"Our government's new student financial assistance measures will help students and families manage the cost of post-secondary education and provide important support, especially in these times of economic uncertainty," said Minister Finley.
The Government of Canada is investing $350 million in post-secondary education through the new Canada Student Grants Program, being offered under the Canada Student Loans Program. Students may qualify for one or more of the Canada Student Grants, which include new grants for students from low and middle-income families, part-time students, students with permanent disabilities, and students with dependents. Students are not required to pay the money back.
Eligibility for most Canada Student Grants is automatically assessed when a student qualifies for a Canada Student Loan. A separate application is not required. More than 245,000 college and undergraduate students are expected to benefit from the new grants each year, an increase of over 100,000 students.
The new federal Repayment Assistance Plan will make it easier for student loan borrowers to manage their debt by paying back what they can reasonably afford based on their family income and family size. Borrowers with low or no earnings will not need to make loan payments, while all monthly payments will be limited to less than 20 per cent of a borrower's income. No borrower will have a repayment period of more than 15 years, or 10 years for borrowers with permanent disabilities.
The federal government and most provincial or territorial governments work in partnership to deliver federal and provincial or territorial student loan and grant programs. These partnerships help simplify the process for students to apply for, manage and pay for post-secondary education. Students apply for student financial assistance through their province or territory of permanent residence.
Eligibility criteria, application forms and additional information about student financial assistance are available on CanLearn.ca, the Government of Canada's online source for information and tools on post-secondary learning resources in Canada.
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