September 13, 1996
(Education)

Government Increases Weekly Student Loan for Single Students

The Minister of Education, Roger Grimes, announced today that government has approved an increase in the weekly student loan amount for single students under the Newfoundland Student Loan Program, effective for the 1996-97 academic year.

The weekly maximum available to single students has been increased by $16 from $94 to $110.

"Single students comprise approximately 90% of the student population served by the program and we recognize the need for the increase at this time," said the minister.

All students who qualify for the increased level of funding will receive it at the time provincial loans are disbursed for the academic year.

The current Newfoundland Student Aid program is comprised of the Canada Student Loan (CSL) Program and the Newfoundland Student Loan (NSL) Program whereby funding in the form of an interest free loan is available to full-time students who otherwise would not have the resources available to attend a post-secondary institution. Maximum funding available per student under the Student Aid Program is $275 per week, cost shared on a 60/40 federal/provincial basis.

Meanwhile, Premier Brian Tobin, at the recent Premiers' Conference in Alberta, raised the issue of the Canada Student Loans Program and the need to increase lending limits to reflect the increasing costs of post- secondary education. With the exception of Quebec, all premiers agreed to call upon the federal government to work with the provinces and territories to ensure that student loans are sufficient to allow students to pursue their education.

Contact: Carl Cooper, 729-0048.

1996 09 13   10:00 a.m.