After Nova Scotia Students Vote With Their Feet, the Deal Sweetens
How interesting, the flurry of initiatives launched by Nova Scotia recently to cut costs for post-secondary students.
During 2008, the announcements included a three-year tuition freeze, a grant, bursary, increased graduate tax credit and a two-point cut in student loan interest rates.
Seems there was substance to those media reports that Nova Scotia was losing students due to high tuition fees.
In recent years, rising costs in Nova Scotia led it to charge the highest tuition fees in Canada. The average cost of tuition in Nova Scotia now exceeds $5,800, according to Statistics Canada. Ontario ranks second.
One target destination for emigrating Nova Scotia students has been Memorial University in Newfoundland. Memorial has much lower tuition fees than 'home' schools such as Dalhousie.
So... stating intentions to overcome a yawning gap in higher education costs, the Nova Scotia government announced the following changes between spring and fall of 2008:
No new tuition increases until 2011. Applies to all undergraduate, graduate and professional programs. The goal: Bring Nova Scotia in line with Canada's average provincial tuition fees.
Nova Scotia student bursaries
Until 2010-2011, this applies only to Nova Scotia students studying at Nova Scotia universities. They'll receive a maximum of $761 in 2008-2009, $1,022 in 2009-2010 and $1,283 in 2010-2011.
Out-of-province and international students will benefit from the tuition freeze but will not receive a bursary (set at $261) until 2010-2011.
New built-in grants
Starting August 1, 2008, all students taking a Nova Scotia student loan will benefit from a built-in grant. Up to an annual maximum of $1,560 month, the first 20% of the loan will be a non-repayable grant.
Larger graduate tax credit
Nova Scotia's Graduate Tax Credit was set at $1,000 for those who graduated from eligible post-secondary programs in 2006 and 2007. For those graduating in 2008 or later, that credit has been doubled to $2,000.
To claim your tax credit, see www.gov.ns.ca/snsmr/gtc/.
Reduced student loan interest rate
The provincial government has decided to lend directly to students starting August 1,2008.
Along with this new loan regime has come a two-point cut in interest rates.
Loans with variable rates have dropped from the prime interest + 2.5 down to prime + .5 percent. Loans with fixed rates will drop from prime + 5 down to prime plus 3 percent.
LEARN MORE ON DEBT 101:
Research Library: University Tuition Fee Reports (Statistics Canada)
Nova Scotia Student Assistance Office:
Toll-free: 1-800-565-8420 (within Canada)
© Jeannine Mitchell 2009-2012
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