Canada Allocates $7.3 Billion for Student Grants and Loans

The Government of Canada has announced a total of $7.3 billion in grants and interest-free loans for students for the 2024 academic year. This funding is part of measures outlined in Budget 2024.

Key details include:

• Increased Canada Student Grants: The maximum full-time Canada Student Grant will rise from $3,000 to $4,200 per year, while interest-free Canada Student Loans will increase from $210 to $300 per week. This change is expected to benefit approximately 587,000 students, with a total of $2.4 billion allocated for grants.
• Rent Support Modernization: The federal government will update the calculation of housing costs used to assess students' financial needs, which has not been revised since 1998. This adjustment is anticipated to provide additional aid to around 79,000 students.
• Credit Screening Elimination: The requirement for credit screening for students aged 22 and older applying for financial assistance will be permanently removed. This change aims to assist approximately 1,000 additional Canadians in returning to school this academic year.

Overall, the funding will provide $4.9 billion in interest-free loans to 652,000 students, totaling $7.3 billion in support for the academic year. This initiative is part of a broader federal strategy to enhance access to post-secondary education and support students financially as they pursue their studies.