Canada Extends Financial Assistance for Post-Secondary Education

On September 3, 2024, the Government of Canada announced an extension of financial assistance enhancements for post-secondary education for the 2024 to 2025 academic year. This decision comes 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 increase 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 also be extended.
• The credit screening requirement for first-time student financial assistance applicants aged 22 and older will be permanently eliminated.
• Approximately 297,000 students are expected to benefit from the extended loan limit, while the grant increase will assist around 587,000 students.
• The changes to the Canada Student Financial Assistance Program aim to modernize shelter allowances to better reflect the actual costs of rent for students.
• An estimated $154.6 million over five years will be allocated to support approximately 79,000 students each year.

The Minister of Employment, Workforce Development and Official Languages, Randy Boissonnault, highlighted these measures during a visit to MacEwan University in Edmonton, Alberta. The government is investing a total of $1.1 billion in 2024 to 2025 to continue providing financial aid to students.