Student Financial Assistance applications now available for 2023-2024 academic year09 May 2023
FREDERICTON (GNB) – New Brunswick students attending eligible post-secondary education programs starting between Aug. 1, 2023, and July 31, 2024, can now apply for student financial assistance. The online application is available at studentaid.gnb.ca, which has been redesigned to include more information for students and parents about the support available and the access process.
“Providing financial support to students is integral to encouraging New Brunswickers to seek a post-secondary education,” said Post-Secondary Education, Training and Labour Minister Trevor Holder. “Eight out of 10 students who apply are eligible for funding and with one application, students will be considered for all loans, grants and bursaries offered by the provincial and federal governments.”
A key change is an increase in the maximum amounts students may receive under the New Brunswick Student Loan and the New Brunswick Bursary programs.
As part of the 2023-24 provincial budget, the department allocated an additional $7.6 million to increase the maximum weekly amounts from $140 to $200 for the loan and from $130 to $160 for the bursary. Last year, more than 13,000 students received the New Brunswick Loan and over 4,000 received the New Brunswick Bursary.
Student loans are now interest free. The provincial government eliminated interest from the New Brunswick Loan in November 2022, and interest on the Canada Student Loan has also been eliminated.
In November 2022, the Repayment Assistance Plan was also enhanced to further support students who are experiencing difficulties with student loan repayment. The income threshold for a single borrower was increased from $25,000 to $40,000, meaning borrowers qualifying for the plan do not have to make payments until their income rises above $40,000. Thresholds were also increased for borrowers from larger families.
Students should complete their applications as early as possible to allow time for staff to review them, determine whether additional information or documentation is required, and help ensure eligible funding is available for the beginning of the study period.
New Brunswick Student Financial Services offers virtual question and answer sessions to anyone who is looking for more information on the financial support available for students. Students or parents can register for a session online.