The Government of Canada has announced increases to Canada Students Grants and changes to the Repayment Assistance Plan, offering real help to middle-class families and young people working to get ahead.
“This increase in grants will allow students in Sault Ste. Marie and across the country to focus on and enjoy getting their education without having to worry about taking on even more debt. It will help people reach their full potential and will make education more affordable for everyone,” said MP Terry Sheehan.
Beginning August 1, Canada Student Grant amounts will increase by 50 percent in time for the 2016–17 school year, helping over 350,000 students. Increases include:
· From $2,000 to $3,000 per year for full-time students from low-income families;
· From $800 to $1,200 per year for students from middle-income families;
· And from $1,200 to $1,800 per year for part-time students from low-income families
Additionally, beginning November 1, the Government of Canada will ease the rules on its Repayment Assistance Plan by ensuring that no borrower will be required to make any repayment until he or she is earning at least $25,000 per year.
“These new measures will put students in a better position to transition into the workforce after graduation. They will no longer be overwhelmed by their debt repayments and will look forward to joining the workforce.
As a community with several post-secondary institutions, Sault Ste. Marie benefits from increased support for education in many ways. It’s great for the economy,” concluded Sheehan.
Further enhancements to student financial assistance are also in store for the 2017–18 school year.