Financial assistance for post-secondary students in the NWT has just been given a substantial boost.
Beginning on November 1st, the loan limits for Student Financial Assistance have seen an increase from $60,000 to $90,000, all to help post-secondary students pay their bills and complete their studies.
Students who are already approaching the original $60k limit are eligible to apply for an expanded application that will allow them to be considered for the new $90k limit. From this point on, all students who apply for financial assistance will be considered for the upgraded limit.
Additionally, there have been no changes made to the existing repayment schedule. Students with loans of more than $55,000 have fourteen years to repay the loan. Students who have a permanent disability have twenty years to repay loans over $56,500.
The Department of Education Culture and Employment made several changes to the Student Financial Assistance program over the last academic year. They will be continuing to overview different programs to see if there is anything that needs to be changed in order to meet the needs of residents.
