About HRSDC | Our Offices | Programs & Services | A-Z Index December 13, 2004 FOR IMMEDIATE RELEASE OTTAWA, ONTARIO - This year, the Canada Student Loans Program (CSLP) celebrates its 40th anniversary. The Program is the cornerstone of the Government of Canada's commitment to accessible education and since 1964, the CSLP has been helping students to achieve their lifelong learning goals and overcome financial barriers to acquiring a post-secondary education. By working closely with the provinces and territories that directly participate in the CSLP to develop and jointly deliver student financial assistance programs, the Program has remained responsive to students' needs and changing times. Forty years ago, the CSLP was simply a loans program with loan limits set at $1,000 per academic year, with an overall maximum limit of $5,000. Through enhancements to the CSLP, it has grown and evolved into a program that provides Canadian students with the tools they need to succeed in a knowledge-based economy. Today, the Government of Canada provides more than just loans to help students pay for a post-secondary education. Eligible students can apply for and receive federal scholarships, study grants and student loans, and parents can invest in their children's education savings plans with the Canadian Education Savings Grant. In addition, the Government is ensuring that the CSLP remains responsive to students' needs. Since its introduction in 1964, the CSLP has provided close to $24 billion in student loans to more than 3.6 million students. Between 1993 and 2004, the Program disbursed loans to more than 1.8 million full- and part-time students, an investment of approximately $15.6 billion. In 2001-2002, the CSLP provided $1.512 billion in full- and part-time student loans at an average of $4,586 for every full-time student. During this same year, the Government of Canada spent over $100 million on covering interest on loans for students in full-time study. The Government of Canada and the provinces and territories that participate in the CSLP work closely in developing and jointly delivering student financial assistance programs. On behalf of the Government, nine participating provinces and the Yukon Territory determine a student's eligibility, assess his or her financial need, issue loan certificates, and administer Canada Study Grants. Quebec, the Northwest Territories, and Nunavut do not directly participate in the CSLP, but offer their own student assistance programs and receive alternative payments from the Government of Canada to help carry out those programs. As improving services to student borrowers is a priority, the Government is committed to the principle of "one student-one loan." In August 2001, the provinces of Saskatchewan and Ontario integrated the delivery of their student financial assistance programs with the CSLP to create Canada-Saskatchewan and Canada-Ontario Integrated Student Loans. In 2004, Canada-Newfoundland and Labrador Integrated Student Loans were also created. Enhancements to the CSLP, the introduction of the Canada Learning Bond and increases in match rates for the Canada Education Savings Grant announced in the 2004 Budget represent the largest reform to student financial assistance in a decade. This major emphasis on learning over the coming years will see the CSLP continue to play an important role in helping to improve access to all forms of higher education and promote a culture of learning throughout life. - 30 - For more information: Media Relations Office Human Resources and Skills Development Canada (819) 994-5559
