New Designation Policy Will Benefit Students And Taxpayers
EDUCATION--New Designation Policy Will Benefit Students And Taxpayers
Students and taxpayers will benefit from a new financial assistance policy currently in development, Department of Education officials said today, Nov. 17.
The Pan-Canadian Designation Framework will allow Nova Scotia and ten other provinces and/or territories to develop national minimum standards for student assistance, while retaining the flexibility to address local needs.
Students attending designated colleges, universities and private post secondary schools in Nova Scotia can apply for government student assistance, including loans, interest relief, and debt reduction.
Although Nova Scotia already maintains a list of designated institutions, the framework will strengthen current practices.
The Department of Education will continue discussions with partners in the education system as it develops the minimum standards. This is expected to take three to six months.
The framework will encompass loan repayment rates and key administrative practices for post-secondary educational institutions. It will also take into consideration special circumstances, such as socio-economic conditions.
"Flexibility and co-operation are the key words here," said Rodney MacDonald, Minister of Tourism, Culture and Heritage and acting Minister of Education. "Students will have better experiences with their loans because of the new policy and less student assistance money will be spent on bad debt."
The national framework will also make it easier for students attending school out of province to receive assistance.
Designated institutions where student loans are not meeting repayment criteria will retain their status while working with the department to improve results. That process could take up to four years.
Institutions not meeting critical administrative criteria, such as student refunds, may be required to make immediate changes.
Nova Scotia currently guarantees $130 million in provincial student loans.