Changes under the Student Aid Act have reduced the interest rate on Manitoba student loans from prime plus 1.5 per cent to prime. This announcement was made by Advance Education and Literacy Minister Erin Selby.
“Education creates opportunities for future success and today’s announcement will make getting an education more affordable by reducing the costs of repaying loans,” said Selby. “Our plan is working. We’re seeing record enrolments in our college and university programs this year and this is another step forward in making post-secondary education accessible for all Manitobans.”
Just over 12,000 student borrowers are now benefitting from these new low interest rates, which came into effect Sept. 1.
“The government of Manitoba has committed to sustained, predictable funding that has allowed us to make strategic investments to enhance the outstanding education we offer at the University of Manitoba,” said president and vice-chancellor David Barnard. “More favourable and flexible student loan options will help students as they make the most important investment in their lives, an education that is the launching point for lifelong success.”
Selby also announced that students can now earn more money during the study period without it affecting their student loan eligibility. Previously, students could earn up to $50 per week during the study period without their income affecting their eligibility for student aid. That amount has been raised to $100 per week.
“The Manitoba government has made significant investments in supports for university and college students to make post-secondary education within reach to more Manitobans,” said Selby. “We will continue to find innovative ways to help students access higher learning.”
