Post-secondary students will soon have more flexible repayment terms on student loans in B.C.

Starting in August, this will be the first increase to weekly student loan maximums since 2006. After making student loans interest-free in 2019, the B.C. government is increasing financial assistance available to students from $110 to $220 per week for single students and from $140 to $280 per week for students with dependants.

“Access to finances shouldn’t be a barrier to preparing for an in-demand career in B.C. This is an immediate-term action to make education more accessible, as we continue the work on our medium-term plans to review the post-secondary funding model and expand the BC Access Grant,” said Selina Robinson, Minister of Post-Secondary Education and Future Skills.

“Making education more accessible and affordable is a major focus for our government and an important part of our Future Ready plan.”

Students applying for student financial assistance will automatically be considered for the BC Access Grant, which provides as much as $4,000 per year to students with middle and low incomes at B.C.’s public post-secondary institutions. The grant was launched in 2020, the first new grant program in 15 years.

Effective August 2023, government will change student loan repayment terms to align with the federal government’s Repayment Assistance Program, increasing the income level from $25,000 to $40,000 under which a student does not have to repay their loan, with the amount indexed to inflation. The maximum monthly repayment amount will be lowered from 20% to 10% of household income.

Increasing weekly student loan maximums will be funded through a $151-million investment over three years in Budget 2023.

Combined with federal student loans, a person with no dependent children can receive as much as a maximum of $520 per week, while people with dependent children can receive as much as $740 per week.

BC Government photo

e-KNOW

Article Share