BC university students could see some extra cash this school year
Just in time for the fall semester, university students who depend on loans will be able to access more money and improve repayment terms soon.
Earlier this year, BC’s finance minister, Katrine Conroy, announced there would be new financial relief measures for post-secondary students by making significant concessions to the framework of BC Student Loans.
Currently, students are able to access $110 per week but starting in August, the student loan maximums will double to $220 per week for individuals. For students with dependents, it will double from $140 per week to $280 per week.
According to the provincial government, this is the first time the BC Student Loans maximums have been increased since 2006.
These increases are targeted for implementation starting in June 2023.
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Additionally, the BC student loan threshold for the start of repayment will increase “so that students and graduates who make less than $40,000 a year wonāt have to make any payments on their outstanding loans.”
The existing annual income threshold is $25,000.
“For people making more than $40,000, their student loan payments will be 10% of their annual household income, rather than 20%,” the province added.
Since 2019, as a direction of the provincial government, BC Student Loans have been interest-free.
With files from Kenneth Chan and Nikitha Martins