Kelowna 
The government of British Columbia has announced an increase in financial aid for post-secondary students, along with more flexible repayment terms.
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Starting from August 2023, students will have access to higher financial assistance available, with weekly student loan maximums increasing from $110 to $220 per week for single students and from $140 to $280 per week for students with dependents.
This is the first increase in weekly student loan maximums since 2006.
The provincial government says 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, when combined with federal student loans.
Students will also be automatically considered for the BC Access Grant, which provides up to $4,000 per year to students with middle and low incomes at public post-secondary institutions in BC.
In addition to increasing financial aid, the government will align student loan repayment terms 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.
The maximum monthly repayment amount will also be lowered from 20% to 10% of household income.
According to the news release, funding for the increased weekly student loan maximums will come from a $151-million investment over three years in Budget 2023.
B.C. student loans have been interest-free since 2019. The federal government recently eliminated interest on Canada Student Loans and Canada Apprentice Loans under the Canada Student Financial Assistance Program.
