Newfoundland Student Loans Program will be uninterrupted

"My first priority is to ensure that student access to the provincial student loans program is uninterrupted," said Education Minister Judy Foote, today. "Our commitment to students is that a mechanism will be in place to ensure the continuation of a provincial loans program regardless of whether or not a new agreement can be reached with the banks."

The federal government has announced that it will ensure the continuation of the Canada Student Loans Program despite the fact that it would not be entering into a new agreement with banks once the current contract expires the end of July 2000. The federal government will be administering its 60 per cent share of the student loans program through service bureaus.

"Our agreement with CIBC locally expires in July also. First of all, we will attempt to negotiate with the bank to see if we are able to enter into a new agreement. Failing that we will ensure that a system is in place to lend money to students. The service bureau option that the federal government has utilized would be an option for us also," added Minister Foote.

"The bottom line is that we will do whatever it takes to ensure that our students are not left without access to loans for their post-secondary education. Students can be assured of that," said Minister Foote.

About $60 million is provided to students under the province�s student loan program.

Media contact: Andrea Maunder, Communications, (709) 729-0048.

2000 03 10                                                     1:55 p.m.