The federal government released its budget on March 28, including various financial supports for students. However, UBC’s president and the AMS think that the government can still do more for students.
The budget proposes $813.6 million for 2023/24 student financial aid, which goes to more than 750,000 students nationally.
Part of this measure includes permanently eliminating interest on federal student loans, and adding more repayment assistance.
COVID-19 era supports like the increase in Canada Student Grants remain above pre-COVID-19 levels, but face a significant cut from last year— from $6,000 to $4,200 for full time students.
Students with dependents or disabilities are also eligible for more support. This adds up to $14,400 of assistance that each student can receive.
These measures include higher withdrawal limits on RESP accounts, including up to $20,000 a year for students with disabilities to fund necessary services and equipment.
Mature students — those over 22 — will also no longer need to go through credit checks to receive student loans.
In an interview, previous AMS VP External Erin Co said she was happy with some of the measures proposed, but expressed a desire for more permanent change.
One win Co noted was a $197 million investment in the student work placement programs, which the AMS had been advocating for.
While the federal government has said it will work with students when creating a long term approach to student finances, many of their programs in place now are ending or being reduced.
Co noted the near expiration date on most of these federal programs, with some only one year extensions
“While we do appreciate these temporary extensions, we are looking forward to working with the federal government on more long term measures to address affordability of post-secondary education in a permanent way.”
The decrease in funding has also been troubling to students, as during the COVID-19 pandemic, there was a large increase in financial support from the government. Many student organizations are fighting to keep these supports in place, while also expanding other forms of aid.
Going forward, Co said AMS wants to see more non-repayable grants instead of federal loans. Co expressed a desire to see greater accessibility for students to receive an education, regardless of financial background, without obligation to pay it back for the rest of their lives.
UBC’s interim President Deborah Buszard noted some gaps in the budget on Twitter on March 28. While there was a greater focus on affordability for students, other areas, like research grants, suffered.
While #Budget2023 contains some laudable measures to improve student affordability, we are disappointed that it includes no new funding for Canada's research granting councils or for graduate students. 2/2
— Deborah Buszard, UBC Interim President (@ubcprez) March 28, 2023
The AMS and others have pledged to advocate for more financial support to students, and work with the government in forming long term solutions.
“[We are] making sure students who want to further their education are not impeded by any barriers,” said Co.
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