Student funding update from the Students' Union

Students Commend Measures Taken by Provincial Government

The Government of Alberta announced changes to the Alberta Student Financial Aid system for the upcoming academic year that will make it easier for many students to attend university and college in September.

"These are some fantastic changes that we've been looking for the government to implement for some time," said Steven Dollansky, University of Alberta Students' Union Vice President (External). "This is a significant step and we are looking forward to continuing our work with the government to improve the accessibility and affordability of higher education."

Among the changes are:

• A 2.5% cut in interest rates on student loans;
• Increasing the part time earning exemptions to $800;
• Eliminating scholarship restrictions on loan calculations; and
• Increasing living allowances by 5%.

"Despite these changes, we still need to do more to ensure students are not unnecessarily burdened by debt upon graduation. We hope to continue with progress on making our post secondary system more affordable and improving the quality of the education in Alberta in the coming year," concluded Dollansky.

Money matters: some helpful hints on paying for school

There are many different ways to help you pay for your education. A few of them include:

• Summer jobs, part-time jobs during the school year
• Savings
• The BMD (Bank of Mom and Dad)
• Scholarships
• Provincial and Federal Student Loans
• Student Lines of Credit

Luckily, there is a place on campus that has all the information you need in one spot. SFAIC (a.k.a. Student Financial Aid Information Centre) has all the information you need to know about paying for school, like what the difference is between a "student loan" and "student line of credit." They have a pretty handy website as well!

Services at SFAIC include:

• Drop-in service during regular office hours
• Loans information and applications for all provinces
• Free courier service to Alberta Student Finance
• Guidance regarding all aspects of the Government Student Loan program from your first application straight through to repayment
• One-on-one counseling sessions for students in complex situations and advocacy for difficult loan related issues
• Access Fund and Emergency Student Loans programs
• Budgeting information

So, in these next few months as you plan for your first year of university, make sure to check out the SFAIC website to get all the information you need before you decide which route you're going to go!