The NWT government says it has increased the student loan limit to “provide greater support and assistance for students” completing post-secondary studies.
In a Monday press release, the territorial education department announced the maximum loan for student financial assistance had increased from $60,000 to $90,000 as of November 1.
The change comes following a private member’s bill passed in the Legislative Assembly last month, which was introduced by Yellowknife Centre MLA Robert Hawkins and seconded by Sahtu MLA Danny McNeely, to amend the Student Financial Assistance Act.
“This is to hopefully help many students bring more education to the North and can help empower people,” Hawkins said at the time.
Education minister Caitlin Cleveland told the legislature cabinet was supporting the bill as an analysis had shown while most student financial aid recipients could complete their studies within the $60,000 limit, those with more than two dependents needed a higher loan limit to complete a four-year program.
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The education department on Monday encouraged students who are currently receiving financial assistance and are nearing the $60,000 limit or who were denied funding in 2024-25 due to meeting that limit, to submit an application to be considered for the new $90,000 limit.
The department said there are currently no changes to the loan repayment schedule. Students with loans that exceed $55,000 must repay their loans within 14 years. Students with a permanent disability have 20 years to repay loans exceeding $56,500.
The department said students or families with questions should contact their student case officer.
