Changes to Come to Nova Scotia Student Assistance Formula.
Some Nova Scotia post-secondary students will receive more in student assistance starting this fall because of a change to part of the funding formula.
The updated formula aligns the Nova Scotia Student Assistance program with the federal Canada Student Financial Assistance program. This change better reflects the financial pressures students are facing from current housing and living costs.
“We’re listening to students and want to make it more affordable for students to stay and build a life here after they graduate,” said Brian Wong, Minister of Advanced Education. “As a province, Nova Scotia continues to make significant investments to help students impacted by the cost of living, including housing.”
Nova Scotia typically follows the federal government’s formula for calculating assistance. Part of the formula considers basic living expenses – called a living allowance in the calculation. The allowance, which has previously increased based on the consumer price index, now reflects information in the 2022 Canada Mortgage and Housing Corporation Rental Market Survey. A higher living allowance in the formula means a student may qualify for more assistance.
Earlier this year, Nova Scotia also made other investments to help reduce the cost of living for students. This included a one-time grant for those receiving student assistance and investments in the Atlantic Open Education Resources.
Quotes:
“The enhanced living allowances for Nova Scotian students is a positive step in ensuring that students have access to financial support that accurately reflects the costs of housing during their studies. We look forward to continuing this work with Advanced Education to reduce the barriers students face when securing affordable housing and post-secondary education.”
— Georgia Saleski, Executive Director, Students Nova Scotia
Quick Facts:
- the estimated cost of the formula change is $2.9 million for the 2024-25 academic year, which will be funded through provincial savings generated from increased federal student assistance
- applications for student assistance are open for the 2024-25 academic year; students can apply through the MyPATH system
Additional Resources:
Information about Nova Scotia student assistance, including a link to MyPATH, is available at: https://novascotia.ca/studentassistance/
Source : Provincial Release
