Mr. Speaker, I rise today to inform my Honourable colleagues of changes to the provincial student loans program which will make post-secondary education in the province more affordable, accessible and accountable than ever.

Mr. Speaker, these changes include the introduction of debt reduction grants that will allow students to receive, in the form of a non-repayable grant, up to the entire amount of the provincial student loan. The program will be more generous, will benefit more students and be easier to access. In addition, there will be grants for Early Childhood Education students, an enhanced interest relief program, an increased commitment to career and financial counseling and a flexible process that takes into consideration extenuating circumstances - especially those surrounding single parents and students with disabilities.

Mr. Speaker, these changes reflect the principle of shared responsibility, and therefore the need for students and parents to plan and choose programs wisely and to complete their studies in a timely manner.

Mr. Speaker, together with the money allocated for tuition reductions at Memorial these changes represent an additional investment of $7.5M dollars of new funding directly for students - $3.5 M dollars announced for tuition reductions and another $4 M dollars today for these new initiatives. These changes are the result of an extensive process in which government consulted with students and other key stakeholders and listened to the advice that we received. Thank you.