OTTAWA, ONTARIO, February 11, 2009-The Honourable Diane Finley, Minister of Human Resources and Skills Development, today announced that the Government of Canada will make additional student loan funding available to York University students.
"York University students need extra funding to complete their school year," said Minister Finley. "Many students and families simply do not have enough savings to cover additional and unexpected expenses such as housing, food, and transportation for a longer school year."
The federal funding will be available through integrated Canada-Ontario Student Loans and will help students affected by the strike at York University to cover costs associated with the extension of the school year. This funding will be in addition to funding that may be available from the Government of Ontario.
Currently, there are approximately 13,000 York University students receiving Canada Student Loans and since their school year has been extended, the Government of Canada is expected to give out between $6 million and $7 million more in Canada Student Loans to help them finish out their school year.
Information for students on eligibility and disbursement of student loans and grants will be available from York University financial assistance office, Ontario Student Assistance Program (OSAP) and the National Student Loan Service Centre.
The Government of Canada is making post-secondary education more affordable and accessible for students and families across Canada beginning in fall 2009. New grants of $250 per month for students from low-income families and $100 per month for students from middle-income families will reduce the amount of debt students will incur. The new Repayment Assistance Plan will ensure that debt is manageable, with the loan payments based on student income.
In Ontario, Canada Student Loan funding is available through integrated Canada-Ontario Student Loans. These loans are administered through OSAP and the National Student Loan Service Centre. Canada Student Loans and Grants promote access to post-secondary education by lowering financial barriers for full- and part-time students.
For more information, visit the following websites:
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This news release is available in alternative formats upon request.
For further information (media only):
Michelle Bakos
Press Secretary
Office of Minister Finley
819-994-2482
Media Relations Office
Human Resources and Skills Development
819-994-5559
