By now, you’ve probably seen and heard a lot of media coverage about federal budget 2015, which was released on April 21st. The federal government announced changes that affect individuals, families and business owners under this new budget. You might be wondering though how might Federal Budget 2015 affect your student loan money.
Here are the main highlights affecting students:
Normally, the amount of money you receive under the Canada Student Loans Program is reduced if you work while studying at a post-secondary institution. The federal government’s Economic Action Plan 2015 has proposed removing the income adjustment for working from the Canada Student Loans Program needs assessment process.
This means you could continue to work and gain experience while going to post-secondary school, without worrying about reduced financial assistance.
The federal government has proposed to reduce the expected parental contribution under the Canada Student Loans Program needs assessment process.
This means you may be eligible to receive more student loan money.
In addition to the Budget in Brief, you can refer to Chapter 3.3 in the Budget Plan for proposed changes to the Canada Student Loans Program. See the sections titled “Enhancing Canada Student Loans” and “Making Canada Student Loans Work for Families.”
The purpose of this communication is to give you a brief overview of some of the new budget elements. For further detail about how these or other provisions may affect you or your student loan(s), we suggest that you contact the National Student Loans Service Centre at 1-888-815-4514.