24 Feb Changes Made to PSFAP
UPEISU Pleased to See Changes Being Made to Provincial Student Financial Assistance Program
The UPEI Student Union is thrilled to receive word of changes that are to be made in the Provincial Student Financial Assistance Program. “We are extremely pleased with these changes – they will greatly improve accessibility to postsecondary education on PEI.” says UPEI Student Union Vice President Academic & External, Jonathan Rix.
These changes include the addition of a Severe Permanent Disability Benefit, a Rehabilitation Program for individuals who have defaulted on their student loans, the extension of the grace period for repayment after completing studies from six months to a year, an increase in the weekly maximum loan a student can receive, and indexation of this weekly maximum to the Consumer Price Index, the latter two being priorities for which the UPEI Student Union has advocated to the Provincial government for the past two years.
“The province has chosen to make students a priority and invest in the future of post-secondary education in Prince Edward Island,” said Rix. “Currently, 41% of students have been assessed and are in excess need of what the student loan program can legally provide. The adjustments made to the weekly maximums and the index to inflation will help address accessibility and affordability on a long term basis in Prince Edward Island.”
“This is fantastic news for UPEI students,” says Dana Kenny, UPEI Student Union President. “Our advocacy efforts have become a central and tangible service for students and the government’s announcement is a huge advocacy win for them.” Kenny noted the importance of advocacy and the positive affect this service will not only have in the lives of students but in the future of Prince Edward Island.