× Select City

No more student loans: Newfoundland and Labrador switches to grants

DH Vancouver Staff Aug 04, 2015 12:37 pm

Newfoundland and Labrador has done away with provincial student loans and switched to an as-needed grant system in an attempt to lighten student debt loads. The grants do not need to be paid back.

The Part-Time Incentive Grants will provide students with $500 per semester, or up to $1,000 per year, for students who are attending post-secondary school in the province.

“It will help decrease student debt for eligible part-time students while also increasing the participation of mature learners in post-secondary education,” said Newfoundland Minister of Education Clyde Jackman in a statement.

“A key goal of the Provincial Government, in partnership with our post-secondary education system, is to assist more individuals in pursuing a post-secondary education and staying here as highly-skilled graduates to contribute to Newfoundland and Labrador’s economy.”

The Newfoundland government has set aside $66,000 this year for the grants that will be given out based on individual students’ needs. A total of $15 million was invested over two years to change the system from student loans to grants.

And while B.C. likely won’t eliminate their provincial student loan program, the loans are interest-free, and the province has a mix of grant and loan-based financial assistance for students. The government has allocated $3.2 billion since 2001 in student financial assistance.

B.C. students pay less than 1/3 of their post-secondary education out of pocket on average.

Dh newsletter logo

Get direct access to our top weekly content, contests, and perks.

DH Vancouver Staff
Daily Hive is the evolution of Vancity Buzz, established in Vancouver in 2008. In 2016, the publication rebranded and opened newsrooms in Calgary, Toronto, and Montreal. Send story tips to [email protected]

© 2019 Buzz Connected Media Inc.