Student federal grants get bumped up starting August 1
There's good news for post-secondary students heading to school this September, who may be worried about their finances.
Beginning Monday, August 1, some Canada Student Grant amounts are set to increase by 50 per cent.
This means students coming from low- and middle-income families will be able to apply for more national grant money to put towards their schooling, in time for the upcoming 2016-2017 academic year.
- From $2000 to $3000 per year for full-time students from low-income families.
- From $800 to $1200 per year for full-time students from middle-income families.
- From $1200 to $1800 per year for part-time students from low-income families.
Students can apply for the grants through their province or territory. In Ontario, students can apply through the Ontario Student Assistance Program (OSAP).
In addition to the grant increases, the government is planning to make changes to its Repayment Assistance Plan as well.
Starting November 1, students who have borrowed money from the government will not be required to begin repaying their loan until they start earning at least $25,000 per year.
Listen to University of Waterloo student president Chris Lolas explain to CBC Radio's Craig Norris how much the change will affect students at his university and around the country.