For the 2023-24 school year, the Liberals are planning to increase the maximum grants available to $4,200, up from $3,000.
OTTAWA — This year's federal budget sets aside more than $800 million to expand loans and grants for the upcoming school year, but students are looking forward to permanent changes to financial assistance.The loan limit is also increasing to $300 per week of study from $210.
The temporary expansion of loans and grants is part of a set of affordability measures in the budget and builds on the Liberals' move to permanently remove interest charges on federal student loans. "We're working with different members of Parliament and stakeholders to figure out what this review is going to look like," she said.
For the 2022-23 academic year, Statistics Canada says tuition costs rose in all provinces, ranging from an increase of 0.3 per cent in Ontario to 5.7 per cent in Alberta. Paul Fritz, a student at Durham College who attended the town hall, applauded the federal government for removing interest charges on loans.
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