Post-secondary students struggling with the cost of living will receive help from the provincial government.
The Government of Alberta and the Advanced Education department are providing students with a series of new affordability supports as part of Budget 2023.
“High inflation has made life more expensive for all Albertans, including post-secondary students. These new measures will help all students deal with higher costs during these challenging times,” said Minister of Advanced Education Demetrios Nicolaides in press release.
Initiatives to improve affordability include:
- Capping domestic tuition increases at two per cent in 2024-25 and for future academic years.
- Reducing student loan interest rates to the prime rate, reducing the cost of borrowing for both current and future Alberta student loan borrowers.
- Doubling the student loan interest-free grace period from six months to 12 months to give students more time to find gainful employment
- Increasing the thresholds for the Repayment Assistance Plan (RAP) to $40,000 from $25,000 so more students can benefit.
The Alberta Student Grant will also be increased by $225 per month for each eligible student in the 2022-23 loan year. This means eligible students will receive up to $475 per month. The additional funding will be retroactive to the start of the 2022-2023 academic year in the form of a lump sum payment.
Students receiving the additional funding from the Alberta Student Grant will be notified by Alberta Student Aid in March.
Constituents of Red Deer-North with questions, comments, concerns or feedback can reach out to the local constituency office via the contact page.