the briefing room

Beginning Aug. 1, Albertan university and college students will be looking to take advantage of the simplified student loans application as new changes were announced on Monday.

In a CBC News report, it stated that the new changes announced are that loan amounts and your eligibility to obtain them will no longer be dependant on your parents’ yearly income, your parents’ contribution, your earnings from part-time jobs, how much you have in savings and RRSP’s.

Instead, students will only need to contribute a flat rate of $1,500.

Greg Weadick, Minister of Advanced Education, said during the announcement of the program changes that, “This is a very important move so that students have access and a chance to get their post-secondary education in this province,” Metro News reported.

Weadick also said that “this is going make the loan application process a lot more predictable and transparent for our students,” Global Edmonton reported.

In a Metro News report, Matt McMillan, vice-president, external, of the University of Calgary’s Students’ Union, said that he believes that it is important to be financially independent and the student loans program makeover does help, “but they are doing little to help students get out of debt.”

The province will also be providing completion and retention grants to persuade students into staying in Alberta after graduation.

For completion grants, it will help graduated students with loans debt by issuing assistances between $1,000 and $2,000.

As for retention grants, it will issue an additional $1,000 if the graduated student decides to stay and work in Alberta for 3 years in essential occupations.

The occupations will be announced in the near future.

Is this makeover a good idea? Write your thoughts down below.

(Source: examiner.com)