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The Board of Governors (BoG) announced how the 2016 federal budget would affect financial assistance for Ryerson students in a meeting Thursday.
The BoG oversees the governance of Ryerson University, including its revenue and any business.
The board plans to increase student grant amounts by 50 per cent for the rest of this year.
It also plans to expand student eligibility for these grants in the 2017-2018 academic year, “enabling grant amounts to gradually decline based on income and family size.”
In addition to this, the BoG aims to increase who can apply for the Repayment Assistance Plan (RAP), a plan that makes it easier for students to manage their loan debt by reducing their monthly payment.
The agenda says this increase in eligibility for RAP is being implemented “so that no student will have to repay [a] Canada Student Loan until earning at least $25K per year.”
The BoG further explains that a flat-rate student contribution will replace student income and assets assessment. This means students will contribute an annual amount towards the cost of their education.
According to the agenda, this flat-rate contribution will ensure that students can work “without worrying about reduced financial assistance” for the 2017-2018 year.
Finally, the education and textbook tax credit, a credit that allowed students to claim an amount for each month they’re enrolled at an educational institution, has been eliminated for students. The savings from this will be reinvested into student financial assistance or OSAP.