Alberta will reduce student loan interest rates and double the grace period.

The Alberta government has announced plans to make education more accessible and affordable to all residents. Significant changes have been announced, such as lower student loan interest rates and a halt to tuition fee increases. The government plan also includes capping tuition increases in postsecondary education at 2% for the 2024-25 academic year. 

The announcement also includes doubling the student loan interest-free grace period to 12 months, increasing the income limit for Alberta's Repayment Assistance Program from $25,000 to $40,000, and increasing Alberta Student Grant monthly payments from $250 to $475. Officials informed students that they did not need to apply for these benefits. Except for the Alberta Student Grant top-up, all changes will take effect on July 1. More funds are expected to become available.

Visit https://studentaid.alberta.ca/repayment/repayment-assistance-plan/ for more information.