Attention, students! BC just announced the first province-wide student aid increase in over a decade, which means post-secondary students will soon have access to greater financial support.
As well, BC is making repayment terms more flexible in light of global inflation.
“Access to finances shouldn’t be a barrier to preparing for an in-demand career in B.C. This is an immediate-term action to make education more accessible, as we continue the work on our medium-term plans to review the post-secondary funding model and expand the BC Access Grant,” said Selina Robinson, Minister of Post-Secondary Education and Future Skills.
Increase in weekly loans
Effective August 2023, this increase to weekly student maximums marks the first since 2006.
After making student loans interest-free in 2019, BC is increasing financial assistance for students from $110 to $220 per week for single students, and from $140 to $280 per week for students with dependents.
The even better news? Students applying for financial assistance will automatically be considered for the BC Access Grant, which provides as much as $4,000 per year to students with middle and low incomes at public post-secondary institutions. Launched back in 2020, this marks the first new grant program in 15 years.
Also effective August 2023 are the changes to the student loan repayment terms. Starting then, BC will increase the income level from $25,000 to $40,000, under which a student does not have to repay their loan.
As well, the maximum monthly repayment amount will be lowered from 20% to 10% of household income.
“Receiving financial aid from the B.C. student loan program has allowed me to pursue my dream of becoming a registered nurse,” said Lois Gill, a third-year student in the Bachelor of Science in Nursing program at Vancouver Community College. “While completing my studies, I feel secure in my finances so I can meet my basic needs and study at the same time, while planning for my future academic goals, such as becoming a nurse practitioner.”
Increases to weekly student aid in BC will be funded through a $151 million investment over three years in Budget 2023, according to the release.