The Honourable Christopher Mitchelmore, Minister of Advanced Education, Skills and Labour, today announced enhancements to the Provincial Student Loans Program for the 2020-21 academic year.
These provincial enhancements align with recent changes to the federal Canada Student Loans Program and help mitigate the impacts that the COVID-19 public health emergency is having on students. They include:
- Increasing the weekly loan limit to $100 per week of study from $40, bringing the combined provincial loan and grant weekly limit to $200; and,
- Exempting student and spousal contributions when assessing applications for provincial student aid.
Further details about these measures are provided in the backgrounder below.
The exact date for the launch of the 2020-21 student aid application is not finalized. The Department of Advanced Education, Skills and Labour will make public announcements when the application is available. Updates will be posted on the Provincial Student Aid website.
For the most up-to-date information related to COVID-19, please visit www.gov.nl.ca/covid-19. For general inquiries related to available government services, please email covid19info@gov.nl.ca.
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“We recognize the impacts that COVID-19 has had on students and we are committed to collaborating with the Federal Government to provide assistance. The combined effects of these enhancements to the Provincial Student Loans Program and the Canada Student Loans Program will ensure post-secondary students have access to much needed financial assistance in these unprecedented times.”
Honourable Christopher Mitchelmore
Minister of Advanced Education, Skills and Labour
– 30 –
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Provincial Student Loans Program
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Advanced Education, Skills and Labour
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BACKGROUNDER
Frequently Asked Questions
What are the enhancements to the Canada Student Loans Program?
For the 2020-21 academic year only, the Canada Student Loans Program will:
- Increase the weekly federal loan limit from $210 per week of study to $350 per week of study;
- Double the following Canada Student Grants:
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- Full-time students – from $3,000 to $6,000;
- Part-time students – from $1,800 to $3,600;
- Students with dependents – from $200 per month-per child to $400 per month-per child;
- Students with disabilities – from $2,000 to $4,000; and,
- Exempt select student and spousal contributions from the federal need assessment calculations.
Where can I get more information on the changes to the Canada Student Loans Program?
For more information, please consult the Canada Student Loans and Grants website.
Where can I get more information on changes to the Provincial Student Loans Program?
Changes to both programs will be posted on the Provincial Student Loans Program website once the application for 2020-21 is launched.
Will the increase in the provincial student loan weekly amount be eligible under the Debt Reduction Grant Program?
Yes. The increase to $100 per week in provincial student loans will be eligible for forgiveness to qualifying students.
Did the weekly grant limit also increase?
No. The weekly grant limit will remain at $100 per week of study. When the Debt Reduction Grant Program is factored in, for eligible students the full amount of provincial assistance can be considered a grant.
I am studying out of province – will I have access to these enhancements?
Yes – If your program of study is not offered in the province, or you have been deemed eligible under the exception rules, you will receive the same level of assistance as if you were studying in the province.
No – If your program is offered in the province but you choose to study out of province and have not been granted exception. The weekly limit in loans will increase from $140 per week of study to $200 per week of study. Additionally, as is currently the case, these loans will not be eligible for Debt Reduction Grant forgiveness.
I am receiving the CERB/CESB over the summer. Will this funding affect my student aid eligibility for the fall?
No. For the 2020-21 academic year only, earnings from the CERB and CESB will not be included within the need assessment calculation.
I have a job for the summer. Will my earnings affect my student aid eligibility for the fall?
No. For the 2020-21 academic year only, summer earnings will not be included within the need assessment calculation.
Do I need to do anything to take advantage of these enhancements?
No. As with every year, students need to apply for student aid. While the application will continue to ask for employment earnings, these earnings will not be included in the assessment for either the Canada Student Loans Program or the Provincial Student Loans Program.
When will the student aid application for the fall be available?
The exact date for the launch of the 2020-21 student aid application is not finalized. The Department of Advanced Education, Skills and Labour will make public announcements when the application is available. Continue to check the Provincial Student Loans Program website for updates.
Overall, the increases in available funding from both programs seems to be significant. Can I return the loan portion from either program and keep the grant portion?
Yes. The National Student Loans Service Centre allows for one-time payments which students can access to return unused federal or provincial student loans.