Post-secondary students in BC will soon have access to increased financial aid, and additional flexible repayment terms to make education and skills training more accessible.
“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.
Starting in August, financial assistance available will increase from $110 to $220 per week for single students and from $140 to $280 per week for those with dependents.
In addition, students applying for student financial assistance will automatically be considered for the BC Access Grant, which provides as much as $4,000 per year for those with middle and low incomes at public post-secondary institutions.
Furthermore, the government will change student loan repayment terms to align with the federal government’s Repayment Assistance Program.
It is 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.