NL to Replace Student Loans with Non-Repayable Grants

Apr 1, 2014 by

Source: CBC News via Academica | March 27, 2014

The 2014 Newfoundland and Labrador budget, tabled last week, includes $50.6 million over 5 years to eliminate provincial student loans and replace them with non-repayable, upfront grants; according to CBC News, about 7,000 students are expected to be eligible. The budget also committed to maintaining its PSE tuition freeze (at a cost of $5.1 million), and $39.8 million for continuing its apprenticeships and labour-market training programs. The Canadian Federation of Students (CFS) has welcomed the budget’s move to replace student loans with grants, calling it “a landmark step towards equality of access to postsecondary education.”

TCS Insights: Newfoundland and Labrador have benefited look to benefit many with the implementation of grants for students. Fewer individuals will be burdened with the debt caused by student loans after their graduation, making it easier for them to establish themselves financially. Making higher education more affordable and accessible to students should make the province an area of interest for any student looking to advance their studies.