An Act to Amend the Student Financial Assistance Act, No. 2

Summary#

This bill updates the dollar amounts listed in the Schedule of the Northwest Territories’ Student Financial Assistance Act. Those amounts set the annual figure attached to the Student Financial Assistance program. The goal appears to be to set (or raise) the program’s authorized level for upcoming years.

• Main change: Replaces the Schedule’s amounts for two years with:
  • 2024–2025: $45,000,000
  • 2025–2026: $55,000,000
• The wording also appears to apply the 2025–2026 amount to later fiscal years, until changed again (“subsequent fiscal years”).
• No changes are made to eligibility rules, application processes, or benefit formulas in the Act.
• What is unclear: The Act’s Schedule lists annual amounts, but the text here does not spell out whether these are spending caps, liability limits, or another form of financial authorization.

What it means for you#

• Students and families

  • The bill does not change who can get Student Financial Assistance or how to apply.
  • Higher annual amounts in the Act could mean the program can meet demand or cover higher costs, especially if earlier limits were tight. This could reduce the risk of waitlists or proration. The bill does not guarantee higher individual benefits.

• Department of Education, Culture and Employment

  • Sets a higher annual figure for the program in 2024–25 and 2025–26, which could allow the department to approve assistance up to these levels, depending on how the Schedule functions in practice.

• Taxpayers

  • Signals a larger maximum financial commitment for Student Financial Assistance in those years, compared to whatever amounts were previously in the Schedule.

Expenses#

Estimated public cost: The bill sets annual figures of $45 million (2024–25) and $55 million (2025–26) in the Act’s Schedule.

• It likely increases the program’s authorized amount or limit for those years, but the text provided does not specify the exact budget effect (for example, whether this is a hard cap, a liability limit, or spending authority).
• No further fiscal note, cost breakdown, or comparison to prior-year amounts is provided.
• No publicly available information.

Proponents' View#

• The bill appears intended to ensure the Student Financial Assistance program has adequate authorized funding to support students in 2024–25 and 2025–26.
• Supporters may argue the higher amounts help the program keep up with demand, cost of living, and enrollment trends.
• Setting clear amounts in law can improve planning and reduce the risk of mid‑year shortfalls.
• Applying the later year’s amount to subsequent years may provide stability until the Legislature updates it again.

Opponents' View#

• One concern is cost: higher amounts may increase the government’s financial exposure without detail on outcomes or efficiency.
• The bill does not explain why these specific figures were chosen or how they relate to student need, inflation, or past utilization.
• It is unclear whether the amounts are spending caps, liability limits, or another form of authorization, which may make the real impact hard to judge.
• The bilingual text provided appears to contain a drafting error (the French clause 1 references a different Act), which could create confusion until corrected.