Please see below for changes that may impact you:
Canada Student Financial Assistance Program (Subject to Federal budget approval)
- The following Canada Student Grants (CSG) are decreasing from current funding levels for 2023-24:
- CSG for Full-Time Students
- $122 per week, up to a maximum of $4,200 per standard 8-month academic year;
- CSG for Full-Time Students with Dependents
- $65 per dependent per week, up to a maximum of $2,240 per standard 8-month academic year;
- CSG for Part-Time Students
- Up to a maximum of $2,520 per loan year (from August 1 to July 31);
- CSG for Part-Time Students with Dependents
- $56 per week of study for students with up to two dependents;
- $84 per week of study for students with three or more dependents;
- CSG for Students with Disabilities – $2,800 per academic year.
- CSG for Full-Time Students
- Canada Student Loan weekly loan limit is increasing to $300 per week of study, effective August 1, 2023.
StudentAidNL
- Provincial student financial assistance weekly maximums for full-time students will remain unchanged for 2023-24:
- In-province study
- $100 per week in loan + $100 per week in grant for a total of $200 per week;
- MUN medical
- $135 per week in loan + $125 per week in grant for a total of $260 per week;
- Out-of-province study
- $200 per week in loan.
- Provincial loans are eligible for Debt Reduction Grant.
- In-province study
- The Memorial University Tuition Relief Grant (TRG) will remain at up to $345 per course for qualifying students.
- To qualify, students must:
- Apply for full-time student financial assistance;
- Qualify for provincial student financial assistance (register and maintain an 80% course load);
- Incur the higher tuition rate per course; and
- Meet income thresholds for eligibility for the Canada Student Grant for Full-Time Students.
- Please visit Assistance Available for Full-Time Students for more information on the TRG.
- To qualify, students must:
- The Government of Newfoundland and Labrador is committed to enhancing early childhood education in the Province. StudentAidNL will continue to administer the Early Childhood Education (ECE) Needs-based Incentive Grant as part of its strategy.
Other changes:
Improving Registered Education Savings Plans (Subject to Federal budget approval)
- Increase limits on certain RESP withdrawals from $5,000 to $8,000 for full-time students and from $2,500 to $4,000 for part-time students.
Canada Student Loans Interest-Free
- During the federal fall economic update, the decision to make Canada Student Loans interest-free was made permanent effective April 1, 2023.
Elimination of Credit Screening (Subject to Federal budget approval)
- First-time student aid applicants 22 years or older will no longer be subjected to a credit screening process.