One of the loan repayment incentives for Student Financial Assistance is being discontinued. The Northern Bonus, which was an incentive that provided up to $2,000 per year in loan forgiveness for eligible students, with a lifetime maximum of $10,000, will no longer be available.
Discontinuing the Northern Bonus occurred as part of the GNWT's review of its fiscal capacity. However, Student Financial Assistance was recently improved in 2023 to better help students pursue their educational goals and borrowers can still take advantage of other loan repayment incentives, including loan forgiveness (remission) and 0 percent interest on loans.
Visit the Loan Repayment and Incentives webpage to learn more. Applications for these loan repayment initiatives are accepted twice a year and must be submitted by April 15 and October 15.
If students or families have questions about their specific loans, they are encouraged to contact their Finance Officer, Revenue and Collections.
Quote
"The removal of the Northern Bonus from the NWT's Student Financial Assistance program was a difficult decision, but a necessary one as part of the GNWT's review of its fiscal capacity. With the significant improvements that have been made to Student Financial Assistance last year, we are confident that NWT students are well-supported in their pursuit of post-secondary education."
- Caitlin Cleveland, Minister of Education, Culture and Employment
Quick Facts
- To receive the Northern Bonus, individuals had to physically reside in the NWT for 12 consecutive months without being enrolled in full-time post-secondary studies.
Related Links
For more information
P.O. Box 1320
Yellowknife Northwest Territories
Canada X1A 2L9
www.gov.nt.ca
