Budget 2023 : Students Hope For Permanent changes For Funding

Although the federal budget for this year includes more than $800 million to expand loans and grants for the upcoming school year, students are hopeful for permanent changes to financial assistance that will better support their educational goals.

The Liberals have plans to raise the maximum available grants to $4,200 for the 2023-24 school year, which is an increase from the current amount of $3,000.

A temporary measure that had doubled the grants to a maximum of $6,000 was due to expire this summer.

In addition, the loan limit will be raised to $300 per week of study, up from the previous limit of $210.

These changes form part of a set of affordability measures in the budget, and build upon the Liberals' decision to eliminate interest charges on federal student loans permanently.

As part of the budget, the government has also committed to collaborating with students in the coming year to create a sustainable strategy for providing financial aid to students.

According to Mackenzy Metcalfe, the Executive Director of the Canadian Alliance of Student Associations, students require greater assistance to cope with the increasing cost of living.

Metcalfe highlighted that students are experiencing financial strain across various areas such as food, rent, and tuition. "It's crucial to acknowledge that students are feeling the pinch on their finances, just like every other Canadian at the moment," she said.

Additionally, the federal government intends to raise the withdrawal cap on Registered Education Savings Plans (RESPs) for full-time students to $8,000, up from $5,000, and to $4,000, up from $2,500, for part-time students.