Visit Ratehub.ca’s COVID-19 education centre: COVID-19 and personal finance
Like many Canadians, post-secondary students are affected by disruptions caused by the COVID-19 pandemic. For students, these disruptions primarily involve their education, plans for summer jobs, and, of course, money for tuition.
However, the Government of Canada announced a financial benefit for students, known now as the Canada Emergency Student Response Benefit (CESB).
The CESB is similar to the Canada Emergency Response Benefit (CERB), a program aimed to help persons who couldn’t work or claim Employment Insurance (EI).
Now, post-secondary students can automatically claim the same benefit, as well as persons who have graduated after December 2019.
The response program will provide funds to help post-secondary students with financial aid between May until August.
Introduction of the CESB follows the recent announcement of the Canada Emergency Response Benefit (CERB) a little over a month ago.
It also follows the recent announcement that interest rates on National and Provincial Student Loans for post-secondary students are frozen until September 2020.
Student loans and COVID-19: COVID-19 and student loans: What are your options?
The stimulus for students affected by COVID-19 will see post-secondary students now receiving $1,250 starting in May until the end of August, an estimation for COVID-19’s length.
Students taking care of a dependant or those with a disability are eligible for up to $1,750 a month.
Students can also earn an additional $1,000 each month from working and still be eligible for CESB.
According to the CBC, students who volunteer over the summer are eligible between $1,000 to $5,000 in CESB benefits. The volunteer positions available will need to be essential services, including agriculture, health care, and food services, among others.
Disbursement of funds is available to those who apply through the Canada Revenue Agency (CRA).
Applications for this benefit will open in May.
Compare student bank accounts: Compare the best student accounts in Canada
- What is an emergency fund?
- Laid off due to COVID-19? Here’s what you need to know about CERB
- How to spend smart and avoid stress shopping through COVID-19