Students at VIU and across B.C. can rely less on student loans to fund their post-secondary education through a new needs-based grant program from the provincial government. (VIU)

By Alex Rawnsley

STUDENT LOANS

VIU students celebrate education grants program in provincial budget

Feb 20, 2020 | 12:07 PM

NANAIMO — Post-secondary education for students in Nanaimo and across B.C. became more financially realistic through Tuesday’s provincial budget.

The BC NDP revealed a $41 million needs-based grant program for 40,000 students each year. The program is designed to ease the pressure students face through student loans.

VIU Student Union chairperson Anouk Borris told NanaimoNewsNOW a survey of students conducted by the BC Federation of Students showed too many are starting life under the weight of loan debt.

“About 50 per cent don’t have enough savings for emergencies, 45 per cent are delaying home purchases,” Borris said. “A lot of people are just postponing their lives because they had student debt or postponing education because they didn’t think they could afford it.”

The average student loan balance upon leaving post-secondary education is $30,000, according to the BC Federation of Students

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Grants reduce the amount of loan money a student must take on in order to fund further education.

Borris said under the new program, the average student might be in a position where a higher proportion of their education is funded through grant money, instead of loans with interest and repayments.

The money allocated by the provincial government is around half what was lobbied for, however Borris saw the investment as a crucial first step which was supported across the province.

“People want their citizens educated, their peers educated and a population that knows stuff,” Borris said.

alex.rawnsley@jpbg.ca

On Twitter: @alexrawnsley