The federal government is planning on introducing new ways to help students in Canada.
The new measures being proposed include changes to student grants and savings accounts so more money can get to the people who need it.
Increasing Canada Student Grants
The federal government is trying to increase the amount of money from Canada Student Grants by 40%.
If this affordability measure gets approved, it would provide up to $4,200 for full-time students.
Students with disabilities and students with dependents would receive an increase in Canada Student Grants as well.
Raising the interest-free Canada Student Loan limit
There are limits on the number of weeks students can receive financial aid and how much money is given out, which includes any payment-free or interest-free periods.
Now, the federal government is planning on raising the interest-free Canada Student Loan limit from $210 to $300 per week of study.
Waiving credit score screenings for mature students
Currently, mature students — aged 22 years or older — have to undergo a credit screening to qualify for federal student grants and loans for the first time.
But the federal government is proposing to waive that requirement so more people can get student aid.
Increasing limits on certain RESP withdrawals
The federal government is planning to make changes to the Registered Education Savings Plan (RESP), a savings account where parents can save money for their child’s post-secondary education.
That includes increasing withdrawal limits on certain RESPs from $5,000 to $8,000 for full-time students and from $2,500 to $4,000 for part-time students.