London, Ontario – The Government of Canada has announced a new measure to help students and their families access and afford post-secondary education and training. The income eligibility thresholds for part-time student loans and grants have been increased so more Canadians can pursue post-secondary education while working. Dr. Kellie Leitch, Parliamentary Secretary to the Honourable Diane Finley, Minister of Human Resources and Skills Development, made the announcement today at the University of Western Ontario.
“Our Government is delivering on our commitment to support part-time students by enabling more low- and middle-income Canadians to attend school while working,” said Minister Finley.
The Government of Canada will invest approximately $22.5 million over the next 10 years to increase accessibility for student financial assistance. It is projected that over 2,500 additional part-time students will be eligible for a Canada Student Loan in year one, rising to just under 8,000 in year five and ongoing. Nearly 500 additional part-time students will receive a Canada Student Grant in year one, rising to about 1,500 in year five and ongoing.
This measure builds on steps the Government has already taken to increase accessibility to post-secondary education. At the beginning of this year, Canada’s Economic Action Plan eliminated in-study interest on part-time student loans so more Canadians can afford to balance work and school.
“Our Government’s top priorities are job creation, economic growth and long-term prosperity for Canadians,” said Dr. Leitch. “We recognize the important role post-secondary education and training plays in ensuring a strong, competitive and flexible workforce in the future.”
Additional improvements are being made to Canada Student Loans and Grants, including increasing the full-time grants income eligibility thresholds for low- and middle-income students (updated annually), and streamlining and modernizing the delivery of student financial assistance.
For more information on how to save, plan and pay for post-secondary education, visit CanLearn.ca.
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For more information, contact:
Marian Ngo
Office of Minister Finley
819-994-2482
Media Relations Office
Human Resources and
Skills Development Canada
819-994-5559
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The Canada Student Loans Program (CSLP) offers financial assistance to full- and part-time students pursuing post-secondary education, in the form of loans, grants and repayment assistance. The CSLP delivers student financial assistance in partnership with most provinces and territories.Quebec, theNorthwest TerritoriesandNunavutoperate their own programs, and alternative payments are provided by the Government of Canada.
OnDecember 21, 2011at theUniversityofToronto, Parliamentary Secretary Dr. Kellie Leitch announced the Budget 2011 measure to eliminate interest on part-time student loans during study to improve access to post-secondary education.
The Next Phase of Canada’s Economic Action Plan also proposed an increase to the income eligibility thresholds for part-time student loans and grants. This new measure will enable more low- and middle-income Canadians to pursue post-secondary education while working.
Additional improvements to Canada Student Loans and Grants are being made, including increasing the full-time grants income eligibility thresholds for low- and middle-income students (updated annually), and streamlining and modernizing the delivery of student financial assistance by:
• introducing a multi-year loan agreement (the Master Student Financial Assistance Agreement, or MSFAA) so new students don’t have to sign an agreement every time they apply for loans and grants;
• replacing paper-based process for confirmation of enrolment for returning students with an electronic one;
• phasing out repayment agreements (also referred to as “consolidation agreements”) as the repayment terms will now be part of the MSFAA; and
• developing an online application for repayment assistance measures.
The MSFAA, electronic conformation of enrollment, and the online application for repayment assistance measures support the Service Delivery Vision (SDV), announced in Budget 2008 to streamline and modernize the Canada Student Loans Program.
