Students using loans to cover their education costs in the NWT will soon be able to borrow an additional $30,000 after the legislative assembly passed a private member's bill.

On Oct. 22, MLAs voted unanimously to bring Yellowknife-Centre MLA Robert Hawkin's Bill 8: An Act to Amend the Student Financial Assistance (SFA) Act to third reading.

"I'd like to begin by thanking the member for Yellowknife Centre for advancing Bill 8," said Education, Culture and Employment Minister Caitlin Cleveland. "This private member's bill reflects a commitment to students across the Northwest Territories and helps respond to the evolving financial pressures they face. I commend the member for this initiative on this issue and for championing a cause that matters to students.

"The analysis showed that while most SFA recipients can complete their studies within the current loan limit, students with more than two dependants would need a higher loan limit to complete a four-year program with remissible loans," Cleveland continued. "For example, the average student with up to five dependants would need a loan limit of almost $90,000 to complete a four-year program. Informed by this analysis, I am pleased to say that Cabinet is prepared to support Bill 8."

The minister cautioned that while she supported the bill, implementing the change would "take some time," and added that the department was examining how the change will affect the overall SFA fund.

She said the revolving portion of the fund has a maximum aggregate balance of $45 million, with $40.8 million already outstanding. "Further adjustments" will be needed to ensure the fund remain sustainable in the future, she added.