Big changes are coming to students’ wallets.

The provincial government has decided to add $81 million to the Ontario Student Assistance Program to fund changes. It will also continue the current tuition framework.

“I’m pleased to say that post-secondary education was very much focused on in both the budget and the speech from the throne,” John Milloy, minister of training, colleges and universities, said. “The announcement that we made today was made in consultation with student groups over the past year about how was can improve the OSAP system.”

The changes included increasing the allowance for books and supplies yearly based on inflation. Students will also be able to earn $100 a week, up from $50, before the government starts to cut back their loan amount.

“I think as students, and a student representative organization, we’re incredibly excited about these investments,” Dan Moulton, president of the Ontario Undergraduate Student Alliance, said. “We’re seeing some significant modernization of the OSAP program, something that OUSA’s been calling for, for many years.”

Moulton referred to the increase in the student income exemption as one of the best features of the changes.

“This way students can feel safe working at a part time job [knowing] that the government isn’t going to be clawing back their money,” he explained.

Other changes include increasing the maximum loan a student can take out from $11,900 to $12,240 for a two term year.

Despite being supportive of the overall changes, Moulton wished the maximum loan amounts were also tied to inflation. “That’s something we didn’t see in this reform package, but certainly we’ll continue to pursue,” he said.

Students will also be awarded some financial relief when they graduate. Those who choose to continue in graduate studies will be eligible for one out of an additional 1,000 Ontario graduate scholarships.

Students who need to begin repayment right away will have the first six months after graduation free of repayments and the provincial government will cover the interest during this period as well.

“I think that should help students,” Jessica Battiston, a first-year science student on OSAP, said. “At the end of four years [my loan] will add up.”

The provincial government will forgive any outstanding student loans 15 years after graduation. University tuition was another target of the changes. The current structure, which allows for universities to increase their tuition yearly by five per cent will continue for two more years.

“We advocated for that number to be fixed to the consumer price index. That’s not exactly what we asked for but it’s a very positive move,” Moulton said.

According to Milloy however, any increases in tuition by universities will mean 10 per cent of that extra income must be returned to students in the form of financial aid.

“In addition to the tuition increase, we will be working with the institutions themselves and ask that a portion of additional tuition revenue, 10 per cent, be put into bursaries and student assistance programs,” Milloy said. He added students who cannot cover their expenses will not have to fill out a separate form to access these funds.

“That is certainly going to be honoured and it’s a very positive step for the government and for student access to post-secondary education,” Moulton said.