The Federal Government Is Planning Changes To Student Grants & You Could Get Over $4,000

The federal government is planning on making changes to Canada Student Grants, which would give students more money to pay for their education.

In the federal budget for 2023 that was released on March 28, the government said that it knows "the higher cost of living still means that students still need support to afford an education" right now.

So, it was proposed in the budget that the federal government will enhance student financial assistance to make life more affordable for the academic school year starting on August 1, 2023.

That includes increasing the amount of money that you can get with Canada Student Grants by 40%.

If the increase is approved, full-time students will be able to get up to $4,200 for the school year to help pay for their expenses.

The federal government has also shared plans to raise the interest-free Canada Student Loan limit from $210 to $300 per week of study and waive the requirement for students who are 22 years or older to undergo credit screening to qualify for federal student grants or loans for the first time.

According to the 2023 budget, these changes to financial assistance for education would allow post-secondary students to get up to $14,400 in enhanced student financial assistance during the upcoming school year.

Students with disabilities and dependants would also get an increase in Canada Student Grants, the federal government said in the budget.

Previously, the government had doubled student grants, meaning full-time students could get up to $6,000 a year with the Canada Student Grants program.

That support, which was introduced during the COVID-19 pandemic and extended with the 2022 federal budget, will come to end on July 31, 2023.

So, after the doubled student grants go back to normal, the federal government wants to increase the regular grant money that students receive by 40%.

The amount of student grant money you would get depends on your province or territory of residence, your family income, whether you have dependants, your tuition fees and living expenses, and whether you have a disability.

You are automatically assessed for Canada Student Grants when you apply for student aid with your province or territory, whether you're a full-time or part-time student.

This article's cover image was used for illustrative purposes only.