STUDENT LOAN CHANGES MAKING POST-SECONDARY EDUCATION MORE AFFORDABLE

The Government today announced $2.2 million in student loan enhancements to make post-secondary education more affordable for students from low and middle-income families. These changes will take effect August 1, 2009 in time for the 2009-10 loan year.

"Our government is committed to ensuring Saskatchewan people have access to the education, skills training and resources they need to build their careers and their futures," Advanced Education, Employment and Labour Minister Rob Norris said. "These enhancements to student loans will support students from low- and middle-income families to do just that."

Enhancements include:

• increasing the Saskatchewan Student Loan limit to $140 per week of study;
• increasing the Saskatchewan Student Bursary to maintain debt levels at $210 per week of study;
• a new Saskatchewan Student Grant for Persons from Low-Income Families to provide $58 per week of study (or about $250 per month) to low-income students enrolled in one year programs below the undergraduate level; 
• a new Saskatchewan Student Grant for Persons from Middle-Income Families will provide $23 per week of study (or about $100 per month) to middle-income students enrolled in one year programs below the undergraduate level; 
• a new Saskatchewan Student Grant for Low-Income Persons with Dependent Children will provide $47 per week of study per child (or about $200 per month per child) to low-income students with dependent children between the ages of 12 and 18; and
• a new Repayment Assistance Plan (RAP) to replace the former Interest Relief and Debt Reduction in Repayment and enable student borrowers to negotiate affordable payments toward their government student loans.

Last year the Government of Saskatchewan approved more than 10,700 student loan applications for a total of almost $94.5 million in support. Student loan recipients were provided with more than $15 million in grants and bursaries to reduce student debt.

In addition, the Graduate Retention Program offers tuition rebates as high as $20,000 over seven years to graduates of approved programs who live in or move to Saskatchewan. Approved programs must be equivalent to at least six months of full-time study at a designated institution which result in a certificate, diploma, undergraduate degree or which provide journeyperson certification.

To learn more about student loans in Saskatchewan visit www.student-loans.sk.ca. To learn more about the Graduate Retention Program visit www.aeel.gov.sk.ca/grp.

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For more information, contact:

Lisa Danyluk
Advanced Education, Employment and Labour
Regina, Phone: 306-787-7791
Email: lisa.danyluk@gov.sk.ca