A higher cost of living means that more students will need enhanced financial supports in order to pursue their studies and achieve their goals. That is why the Government of Canada has extended student financial assistance enhancements to continue for the 2024 to 2025 academic year.
Today, Minister of Employment, Workforce Development and Official Languages, Randy Boissonnault, met with students, faculty and administration at MacEwan University in Edmonton to highlight Budget 2024 affordability measures for students.
Changes to the Canada Student Financial Assistance Program came into effect for this school year and will continue to improve access and affordability for students in post-secondary education. This includes extending the Canada Student Loan limit increase to $300 per week of study for full-time students and the 40% increase to Canada Student Grants for full-time students, part-time students, students with disabilities and students with dependants, by one year. These changes also include permanently eliminating the credit screening requirement for students aged 22 and older who are applying for student financial assistance for the first time.
In 2024 to 2025, approximately 297,000 students will benefit from the extension of the weekly loan limit amount, while extending the temporary 40% increase to grants will help approximately 587,000 Canadian students. Permanently eliminating credit screening as a requirement for first-time student financial assistance applicants aged 22 and older is expected to impact approximately 1,000 Canadians annually.
To better address the real cost of rent for students, Budget 2024 contained a measure to modernize the shelter allowances used by the Canada Student Financial Assistance Program to assess students' financial needs. As of August 1, approximately $154.6 million over five years in additional student financial aid, with over $32.3 million per year ongoing, will help about 79,000 students each year.
Post-secondary education plays an essential role in allowing Canadians to pursue good careers. By persevering in their studies, young Canadians have a better chance to graduate from their post-secondary education into a bright future and contribute to the economy in a meaningful way. The Government of Canada is investing a total of $1.1 billion in 2024 to 25 to continue helping students through financial aid.
