Alberta’s government is taking action to improve affordability, address inflation and make tuition more stable and predictable for Alberta’s post-secondary students.

Alberta’s economy has recovered strongly, but students are struggling to keep up with the increased cost of living. Alberta’s government is committed to ensuring post-secondary education remains accessible and affordable for all Albertans. That’s why Advanced Education is providing post-secondary students with new, targeted affordability supports.

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

• Capping domestic tuition increases at two per cent across an institution in 2024-25 and for future academic years.
• Reducing interest rates on student loans to the prime rate,  which will help reduce the cost of borrowing for both current and future Alberta student loan borrowers.
• Doubling 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.
• Increasing the thresholds for the Repayment Assistance Plan to $40,000 from $25,000 so more students can benefit from the program.

In addition, Alberta’s government is providing additional funding to increase the Alberta Student Grant by $225 per month for each eligible student during the 2022-23 loan year.

“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.”

Alberta’s government recently provided the largest inflation relief package in Canada, with significant broad-based and targeted supports. These actions ensure post-secondary students also receive targeted affordability supports.

“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.”

More than 10,000 low-income students receive this funding. The funding boost to the Alberta Student Grant means eligible students willreceive up to a total of $475 per month.

This additional per month funding will be retroactive, meaning students will receive the additional $225 per month effective the beginning of the 2022-23 academic year in the form of a lump sum payment. Students receiving this additional funding from the Alberta Student Grant will be notified by Alberta Student Aid in March. They should also receive the additional funding from student aid during this time.

“This announcement marks the implementation of longstanding requests from student leaders around affordability. On behalf of Alberta’s students, it is great to see increased efforts to ensure that post-secondary is more accessible and affordable for all.”

“Students have been struggling with the rising costs of attending post-secondary. We are happy to see student voices being heard and steps being taken to address affordability.”

Alberta’s government is committed to ensuring post-secondary education is accessible and affordable. These measures will ease the impact of inflation so post-secondary students can focus on their education and worry less about paying the bills. They will also make it easier for student loan borrowers to make their loan payments and effectively transition into the workforce.