Some financial relief is coming to cash-strapped students in BC, after the province announced it would be doubling the amount available from $110 to $220 per week.
Students with dependents, such as children, could be eligible for up to $280, according to the BC government’s announcement on Tuesday.
The money will roll out starting in August.
“Students applying for student 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 B.C.’s public post-secondary institutions,” the province said.
Along with an increase in available funding, post-secondary students in BC could also benefit from a more flexible repayment schedule for student loans.
“Effective August 2023, government will change student loan repayment terms to align with the federal government’s Repayment Assistance Program, increasing the income level from $25,000 to $40,000 under which a student does not have to repay their loan, with the amount indexed to inflation. The maximum monthly repayment amount will be lowered from 20% to 10% of household income,” it wrote, adding that student loan repayments have been interest-free since 2019.
“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.
Increasing weekly student loan maximums will be funded through a $151 million investment over three years.
To learn more about if you are eligible for full-time or part-time grants, click here.
Not a student? Here are some other ways you can get cash from the government this month.