From Tuesday Nov. 1, the Saskatchewan Student Aid Program and Canada Student Financial Assistance Program will roll out improvements aimed at affordability and repayment, according to the provincial government.
The Enhancements to the Repayment Assistance Plan will make repayment more affordable for about 4,000 Saskatchewan student borrowers annually by:
- Increasing the zero-payment threshold for single borrowers from $25,000 to $40,000
- Aligning repayment income thresholds for larger households with the Canada Student Grant income thresholds
- Adjusting repayment income thresholds annually to account for inflation
- Reducing the monthly student loan payment cap from 20 per cent of a borrower’s family income to 10 per cent.
“This needs-based program will continue to support many Saskatchewan students as they transition to their professional lives,” says Advanced Education Minister Gordon Wyant.