RELEASE: Student Applaud Enhancements to Repayment Assistance Plan
Students Nova Scotia Applauds Enhancements to Repayment Assistance Plan
October 20, 2022 | For Immediate Release
Halifax, NS - Today, the Government of Nova Scotia announced improvements to the Repayment Assistance Plan, lessening affordability barriers for new and recent graduates in Nova Scotia. They further announced an expanded definition of “permanent disabilities”, making it easier for students with disabilities to access funding for accessibility needs.
Most notably, changes to the Repayment Assistance Plan (RAP) will increase the repayment threshold from $25,000 to $40,000, meaning graduates can apply to pause repayment of provincial student loans if their earnings fall under $40,000 per year. Students Nova Scotia is pleased to see this change, which has been highlighted as an organizational priority in recent months.
“Today’s announcement will significantly lessen the impact of student loan debt on recent graduates, increasing the accessibility of Repayment Assistance supports for graduates in high financial need,” says Kyle Cook, Chair of Students Nova Scotia. “These measures are especially critical as the affordability and inflationary pressures facing students and graduates across the province continue to rise.”
Indeed, students have been hard-hit by rising costs, especially since the onset of the pandemic. The Canadian Alliance of Student Associations reported that the pandemic made postsecondary education less affordable for nearly ⅔ of students; in Nova Scotia, these impacts are confounded by historic vacancy rates and skyrocketing housing costs across the province. These affordability pressures have contributed to a snowball effect for many students post-graduation; a recent Maritime survey found 30% of recent graduates used too much - or all - of their savings as a result of COVID-19.
“These enhancements are incredibly welcome for graduates in the transition to the workforce and as they begin their careers in the province, '' says Ben Fairhurst, Vice-Chair of Students Nova Scotia. “However, we also know that affordability was a huge upfront access barrier to education even prior to the pandemic, with 1 in 5 student borrowers facing unmet need. We also know that Financial Assistance maximums have not increased since 2017, even as student costs continue to climb.”
“Increasing the Repayment Assistance Plan is a critical first step in modernizing financial supports for students before, during and after their time in-study, and Students Nova Scotia will continue to advocate for Student FInancial Assistance enhancements to ensure that postsecondary education is accessible to all those seeking to access it.”
Students Nova Scotia is the province’s largest student advocacy organization, representing over 20,000 postsecondary students from Sydney to the Annapolis Valley.
For more information, contact:
Lydia Houck
StudentsNS Executive Director
(902)-476-2367