Liberals expand loans and grants in budget, but students hoping for more next year

This year’s federal budget sets aside more than $800 million to expand loans and grants for the upcoming school year, but students are looking forward to permanent changes to financial assistance.

For the 2023-24 school year, the Liberals are planning to increase the maximum grants available to $4,200, up from $3,000.

The loan limit is also increasing $300 per week of study from $210.

Those changes are part of a set of affordability measures in the budget.

The government also promised to “work with students in the year ahead to develop a long-term approach to student financial assistance.”

Mackenzy Metcalfe, executive director of the Canadian Alliance of Student Associations, says students need more support to keep up with the rising cost of living.