Canada Extends Financial Assistance for Post-Secondary Students

On September 3, 2024, the Government of Canada announced the extension of financial assistance enhancements for students pursuing post-secondary education for the 2024 to 2025 academic year. This decision was made in response to the rising cost of living, which has increased the financial needs of students.

Key points from the announcement include:

• The Canada Student Loan limit will be increased to $300 per week of study for full-time students.
• A temporary 40% increase to Canada Student Grants for full-time, part-time, and students with disabilities will be extended for another year.
• The credit screening requirement for first-time applicants aged 22 and older will be permanently eliminated.
• Approximately 297,000 students are expected to benefit from the extended loan limit, while about 587,000 students will benefit from the grant increase.
• The government will modernize shelter allowances used to assess students' financial needs, providing an additional $154.6 million over five years in student financial aid, which is expected to assist around 79,000 students annually.
• The total investment in financial aid for the 2024 to 2025 academic year is projected to be $1.1 billion.

Minister of Employment, Workforce Development and Official Languages, Randy Boissonnault, highlighted these measures during a visit to MacEwan University in Edmonton, Alberta, where he met with students and faculty to discuss the affordability measures outlined in Budget 2024.