REGINA – The Province is trying reduce paper work for students applying for financial aid.
Students will now benefit from a streamlined administration of the student loans program beginning in 2014-15.
“Our government is working to make it easier for students to pursue their post-secondary studies and find a job in our growing economy,” Advanced Education Minister Kevin Doherty said.
“This more manageable process will save time, reduce paper transactions and administration, and ultimately improve student service and access.”
The one-time signature for Student Loan Consents and Canada Revenue Agency Release will replace the current requirement for the student to sign the consent forms each year when applying for student financial assistance.
The average amount of financial aid authorized for each student is around $12,000, which is 3 per cent higher than previous years.
Other improvements to the financial aid program from the Province include reducing the interest rate to prime instead of prime plus 2.5 per cent, and no longer counting a vehicle as a resource when determining loan eligibility. Also, the Province no longer considers part-time work income while at school.
Since 2008 the Province of Saskatchewan has invested $5.5 billion in post-secondary institutions and students.
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