To maintain the most generous and competitive student financial support program in the country, the Provincial Government announced new grant and loan changes to support Newfoundland and Labrador students entering post-secondary studies in the province.
Starting in August 2022, the Provincial Government will implement a two-pronged approach to address the recently announced tuition increases at Memorial University:
- To support low- and middle-income students and families, a Tuition Relief Grant Program will be introduced, to provide eligible students with assistance of up to $3,450 per academic year in the form of non-repayable grants, in addition to existing grants and loans.
- To support middle- and higher-income students and families who do not qualify for grant funding, the overall weekly student loan limit will increase from $40 to $100 per week. Total weekly assistance will rise from up to $140 to up to $200 per week.
The Tuition Relief Grant is a needs-based program, and those who qualify for the maximum grant will see an offset of the tuition increase announced by Memorial University and will see no change in their provincial student debt.
These enhancements build on the province's suite of student financial supports. In addition to new measures, existing programs provide significant financial support for the province's students:
- The current student aid program features the highest weekly non-repayable grant in Canada, at $100 per week.
- Through the province's Debt Reduction Grant Program, students may be eligible to have the entirety of their provincial student loan forgiven.
Memorial Students are eligible for a Debt Reduction Grant if:
- Within ten years after the program start date, they graduate from a post-secondary program within the province with a bachelor degree.
- They successfully complete at least 80 per cent of a full course load each semester or academic year as determined by the school; and
- Subsequent programs which build upon the initial bachelor degree are also eligible for debt reduction.
In certain situations, students may qualify for a Debt Reduction Grant if they are taking less than 80 per cent of a full course load. For example, students approved by StudentAidNL for assistance for full-time studies while taking less than 80 per cent of a full course load and students with permanent disabilities.
Students may also be eligible for the Debt Reduction Grant if they demonstrate that extenuating circumstances beyond their control have caused them to be unsuccessful in completing 80 per cent of a full course load. In such cases, StudentAidNL will determine approval for the grant upon review of a written appeal.
More details on the Student Financial Support Package changes announced on July 9 can be found in the backgrounder.
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"Our commitment to keeping post-secondary education affordable and accessible has not wavered. We will do this by maintaining and expanding the most attractive and competitive student financial support package in the country. The changes we are announcing today will ensure that every Newfoundlander and Labradorian will have the opportunity to access a world-class post-secondary education in this province."
Honourable Tom Osborne
Minister of Education
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For more information
Prince Phillip Drive
St. John's Newfoundland
Canada A1B 4J6
www.gov.nl.ca
