The process to get student loans in Alberta is about to get simplified thanks to new rules that will go in effect this summer.
Starting August 1st, the province is getting rid of the complicated calculations using how much a student has made, or how much their parents make.
Instead, the new rules set out a flat rate contribution of $1,500. Single parents applying for a loan won’t have to pay anything at all.
"This is going make the loan application process a lot more predictable and transparent for our students," Minister of Advanced Education Greg Weadick said during the announcement of the program changes.
“This is definitely a very positive announcement for students,” says Jed Johns, the president of the students’ association at Grant Macewan University.
Another big change is eliminating the interest charges during the grace period after a student graduates.
Currently students are given a 6 month period where they don’t have to pay off the loan, but interest still accumulates. As of August 1st, that 6 month grace period will be interest free.
"It will benefit not just students today but students in the future as well,” says Johns, “It's simplifying the process and it's something I know our group has been lobbying for and advocating for, for some time now.”
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