As the cost of living and inflation continue to rise while the province increases the minimum wage to keep up with those costs, students will soon have access to additional funds as part of their student loans for the first time since 2006.
The boost to students’ maximum payments will begin for the next post-secondary school year with the date of implementation being in August.
“Access to finances shouldn’t be a barrier to preparing for an in-demand career in BC,” said Selina Robinson, Minister of Post-Secondary Education and Future Skills.
“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.”
“Making education more accessible and affordable is a major focus for our government and an important part of our Future Ready plan.”
The province made student loans interest-free prior to the onset of the COVID-19 pandemic in 2019. Since student loans have gone interest-free, students have saved over $40 million across the province.
Now, BC will be doubling student’s weekly financial assistance allotment from $110 to $220 per week for single students and from $140 to $280 per week for students with dependents.
When combined with federal student loans, students with no dependent children can receive $520 per week, while students with dependents can receive as much as $740 per week.
There is also a $4,000 BC Access Grant available to those with low- to middle-incomes who are enrolled in full-time post secondary education. The grant was launched in 2020.
The province is also changing the way its student loan repayment program works beginning in August as well.
Those repaying their loans will have access to a repayment assistance program if they make less than $40,000 per year. This has been increased from $25,000.
In addition, the maximum monthly payment is being lowered from 20% to 10% of household income.
According to Lois Gill, a third-year student in the bachelor of science in nursing program at Vancouver Community College, these changes are welcome and will only benefit those seeking a higher education.
“Receiving financial aid from the BC student loan program has allowed me to pursue my dream of becoming a registered nurse,” said Gill.
“While completing my studies, I feel secure in my finances so I can meet my basic needs and study at the same time, while planning for my future academic goals, such as becoming a nurse practitioner.”
