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Postsecondary education funding formula
In 1995, the Nova Scotia Council on Higher Education (NSCHE) began a process to review and recommend a new Funding Formula for Nova Scotia's universities. This process attempted to acknowledge considerable changes in enrollment and new programs at several universities, and the new formula was approved by government for fiscal 1998-99. The new Funding Formula has two major components: Unrestricted operating grants (96%) and Restricted operating grants (4%). The Unrestricted operating grants are broken down into three components: the Weighted Enrolment Grant (WEG); the Research Grant and the Extra Formula Grants. The WEG accounts for approximately 91% of the total operating funding provided to universities. Extra Formula Grants take into consideration unique characteristics such as size; French-language instruction; part-time students; isolation (distance from Halifax). The Memorandum of Understanding between the government and the universities were negotiated for 2004-08 and from 2008-2011 based on this funding model.

Enrolment of undergraduate students in Nova Scotia universities is noteworthy as it impacts the funding formula. Nova Scotia has a disproportionate number of out of province students, more than any other province in the country. The calculation that is based on a per-capita basis does not include out-of-province students, thereby bringing no provincial support from their home province. In 2003, university funding provided by the provincial government was $205 million, which continues to be lower than the transfer of $211 million provided in 1992. Government grants covered only 41.9% of operating costs in 2001-02, the lowest proportion of any Canadian province.

Tuition

Tuition at Nova Scotian post secondary institutions are set by the individual institutions, in consultation with government. Average undergraduate tuition fees for domestic residents as of 2008 are $5,878. Average graduate tuition fees for domestic residents is $7,598.

Financial aid
Student Loans Programs

Full-time student loan funding in Nova Scotia is based on two programs, the Canada Student Loans Program and the Nova Scotia Student Loans Program. Students enrolled in at least 60% of a full-time programs are eligible to receive up to $210/week from the Federal program and $165/week from the provincial program.

Millennium Access Bursaries in Nova Scotia

The Canada Millennium Scholarship Foundation was established in 2005 to provide support to students with demonstrated financial need. The millennium access bursaries have been distributed in the form of grants to single, dependent, low-income students. There are two groups of eligible students: those who began post-secondary studies during the 2005/06 academic year, and those who are began studies in 2006/07. Millennium access bursaries are not available to students who have enrolled after the end of the 2006/07 academic year. Eligible students were able to receive a $1,000 grant in their first year of study, $2,200 in the second year, and $1,800 in the third. Students must have been enrolled full-time in undergraduate studies that lead to a degree, certificate or diploma in a program of at least two years in length. Students who qualify for financial assistance from Nova Scotia Student Financial Services will be automatically considered for a cash grant of $1,000.

Research funding
The Atlantic Innovation Fund was launched in 2001 to provide an additional $300 million for investment in the region's infrastructure. It was expected that a large proportion of the funds aimed at research and development would go towards the province's universities. The higher education sector in Nova Scotia represents 60% of the R&D conducted in the province, a contribution which is twice the national average.