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The Canadian Federation of Students Day of Action
February 2, 2000
We understand that in the new, knowledge-based economy Canada faces at the dawn of a new century -- an economy of skills and innovation -- access to higher education is more important than ever.
Our government has been aware of the stresses faced by students and families as they cope with the rising cost of higher education.
And while the provinces and territories set tuition, we have worked creatively and cooperatively - within our jurisdiction - to help alleviate the problem.
In 1998, we created the Canadian Opportunities Strategy, a coordinated set of measures building on the 1996 and 1997 budgets, to expand access for Canadians - especially young Canadians - to higher education. It included:
- Creating the Canada Millennium Scholarships (CMS) which has begun to provide more than 100,000 students with scholarships averaging $3,000 a year.
The CMS is the largest ever investment by a Canadian government in providing access to post-secondary education.
Its $2.5 billion endowment will provide students from across Canada with $280 million each year in additional funding over the next ten
years.
All provinces have committed to re-invest any savings generated by the Scholarships to the benefit of students. And we anxiously await the details of these investments.
- Ensuring that families can better save for their children's future education by providing stronger incentives through the new Canada Education Savings Grant, which will provide a grant of 20% on the first $2,000 of annual contributions to Registered Education Savings Plans;
- Creating the Canada Study Grants which will go to up to 25,000 students in financial need with children or other dependants;
- Helping graduates manage their student debt loads by providing tax relief on interest payments on all student loans;
- And improving the Canada Student Loans Program to help young graduates facing financial difficulties by:
- Extending interest relief to more graduates;
- Extending the repayment period for those who need it;
- Extending the interest relief period for individuals who remain in financial difficulty; and,
- Reducing loan principals for individuals who still face financial difficulties.
The Government of Canada increased total transfers to the provinces to $28 billion for fiscal year 1999-2000 under the Canada Health and Social Transfer (CHST). By 2003-04, the CHST is projected to exceed $31 billion.
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