The government of Alberta is taking steps to make post-secondary education more affordable, combat inflation, and make tuition more stable and predictable.

Although Alberta's economy has made a solid comeback, students are finding it difficult to keep up with the rising cost of living. The government of Alberta is devoted to maintaining post-secondary education as a viable option for all Albertans. Because of this, Advanced Education is offering new, focused affordability supports to post-secondary students.

As part of Budget 2023, the government plans to improve affordability for post-secondary students by:

  • Reducing interest rates on student loans to the prime rate will help reduce the cost of borrowing for both current and future Alberta student loan borrowers.

  • Increasing the thresholds for the Repayment Assistance Plan to $40,000 from $25,000 so more students can benefit from the program.

  • Capping domestic tuition increases at two per cent across an institution in 2024-25 and for future academic years.

  • Double the student loan interest-free grace period from six months to 12 months to give students more time to find gainful employment without having to worry about student loan payments.

“High inflation has made life more expensive for all Albertans, including post-secondary students. These new measures will help all students deal with higher costs during these challenging times,” explained Demetrios Nicolaides, Minister of Advanced Education.

The government of Alberta is also contributing more money to raise the Alberta Student Award by $225 per month for each qualifying student for the loan year 2022–2023.

According to Matt Jones, Minister of Affordability and Utilities. “these new affordability measures for students are an important addition to our Affordability Action Plan, and underscore our commitment to students and to keeping Alberta affordable.”

These assistance benefits more than 10,000 low-income kids. Due to an increase in funds for the Alberta Student Grant, qualified students will now be eligible to receive up to $475 per month.

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