13 Feb Students Get $40,000 for Education
Nova Scotia students can receive more than $40,000 to help with their post-secondary education.
Labour and Advanced Education Minister Labi Kousoulis met with a group of students at Saint Mary’s University in Halifax today, Feb. 13, to talk about the latest changes to student assistance.
New graduates can have their entire provincial student loan eliminated after five years of study, saving them up to an additional $20,400. The average bachelor of arts undergraduate degree in Nova Scotia completed in four years is about $27,000.
“We are committed to helping students pursue their post-secondary education and move into the workforce,” said Mr. Kousoulis. “Investing in our youth and in their education will encourage more of them to stay and build a life here, and contribute to our province’s economy.”
Government has expanded the Loan Forgiveness Program. Students who graduate after Aug. 1, 2017 and who complete their studies in five years or less can have their entire provincial student loan eliminated. Previously, students were required to complete their studies in four years or less. Students with permanent disabilities still have 10 years to complete their studies.
In addition, many students are receiving more money for their expenses during their studies. An increase in student assistance support from $180 per week of study to $200 per week of study began this year.
Nova Scotia continues to provide one of the best student assistance programs in the country, as provincial loans are interest-free and there are upfront grants, loan forgiveness and the Nova Scotia University Student Bursary. Combined, an eligible student can receive more than $40,000 they do not have to repay.
“Increasing the weekly loan limit better reflects the true cost of post-secondary education and will help to alleviate the financial burden for students who need it most,” said Annie Sirois, chair of Students Nova Scotia.
“The expansion of the Loan Forgiveness Program acknowledges the contemporary post-secondary experience of many students, as the data shows students are taking longer to complete their degrees. We are proud to support these changes.”
For more information, visit novascotia.ca/studentassistance/