The UCP government gave post-secondary students in Alberta a boost to their pocketbooks Thursday..The plan is to improve affordability, address inflation and make tuition more stable and predictable for Alberta's future minds..Advanced Education is providing post-secondary students with new, targeted affordability supports. As part of Budget 2023, the UCP plans to improve affordability for post-secondary students by:.Capping domestic tuition increases at 2% across an institution in 2024-25 and for future academic years.Reducing interest rates on student loans to the prime rate will help reduce the cost of borrowing for both current and future Alberta student loan borrowers.Doubling the student loan interest-free grace period from six months to 12 months gives students more time to find gainful employment without having to worry about student loan payments..Increasing the thresholds for the Repayment Assistance Plan from $25,000 to $40,000, so more students can benefit from the program..In addition, the UCP is providing additional funding to increase the Alberta Student Grant by $225 per month for each eligible student during the 2022-23 loan year..“High inflation made life more expensive for all Albertans, including post-secondary students. The new measures announced today will help all students deal with higher costs during these challenging times," Minister of Advanced Education Demetrios Nicolaides said..The UCP recently provided the largest inflation relief package in Canada, with significant broad-based and targeted support. Thursday's announcement ensures post-secondary students also receive targeted affordability support and are not left out..More than 10,000 low-income students will receive this funding. The funding boost to the Alberta Student Grant means eligible students now receive up to a total of $475 per month..This additional per-month funding will be retroactive, meaning students will receive the additional $225 per month effectively at the beginning of the 2022-23 academic year, in the form of a lump sum payment..Students receiving this additional funding from the Alberta Student Grant will be notified by Alberta Student Aid in March. They should also receive additional funding from student aid during this time..The UCP claims the measures will ease the impact of inflation so post-secondary students can focus on their education and worry less about paying the bills. The measure should also make it easier for student loan borrowers to make their loan payments and effectively transition into the workforce..“These new affordability measures for students are an important addition to our Affordability Action Plan, and underscore our commitment to students, and to keeping Alberta affordable," Minister of Affordability and Utilities Matt Jones said.
