B.C. makes changes to student financial aid funding, repayment

The B.C. government is increasing payments for students studying in the province, which it says will increase accessibility to further education.

In a statement Tuesday, the province says maximum payments will double from $110 per week to $220 per week for single students, and go from $140 per week to $280 per week for students with dependents.

“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. “Making education more accessible and affordable is a major focus for our government.”

The province says this increase will be the first to the weekly student loan payment maximums since 2006.

“The new increases to financial aid will help students pursue an education path of their choice and build a career. This is part of StrongerBC’s Future Ready plan, which is working to remove barriers and open more opportunities for post-secondary education and skills training, so people can get good jobs and build good lives in British Columbia,” the province said.

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Students will also be automatically considered for the BC Access Grant, launched in 2020, which will provide learners with as much as $4,000 per year for low and middle-income students.

The province also announced that beginning August 2023, student loan repayments will now align with the federal government’s repayment assistance program, where the income level for students having to repay their loan will begin at $40,000, rather than $25,000.

B.C. says the maximum monthly repayment will also be lowered from 20 per cent to 10 per cent of household income.

This move comes after the province made student loans interest-free in 2019.

The federal government on Monday announced that for the 2023-24 school year, the Liberals are planning to increase the maximum grants available for students to $4,200, up from $3,000.

The government also promised to “work with students in the year ahead to develop a long-term approach to student financial assistance.”

–With files from The Canadian Press