Finance
Advanced Education and Skills
Natural Resources
April 4, 2014
Affordable Education Supports Prosperity
Memorial University Students Celebrate Historic Investments
The Canadian Federation of Students – Newfoundland and Labrador hosted events today at Memorial University’s St. John’s and Grenfell campuses to celebrate the Provincial Government’s groundbreaking investments in student aid, including the conversion of student loans to grants announced through Budget 2014: Shared Prosperity, Fair Society, Balanced Outlook. The Honourable Charlene Johnson, Minister of Finance and President of Treasury Board, joined students at an event held in the University Centre at Memorial University. The Honourable Derrick Dalley, Minister of Natural Resources, attended a second celebration at Grenfell Campus in Corner Brook.
“The Government of Newfoundland and Labrador recognizes the value
of post-secondary education for students, their communities and the economy
of the province. Budget 2014 commits $14.7 million for two years to
eliminate provincial student loans, with a projected investment of
approximately $50.6 million over five years, and is the latest in a number
of initiatives aimed at reducing student debt. We appreciate students’
recognition of the historic investments in post-secondary education and the
fact that Newfoundland and Labrador has the best student aid package and
lowest undergraduate tuition in the country.”
- The Honourable Charlene Johnson, Finance Minister and
President of Treasury Board
By replacing provincial student loans with non-repayable grants, approximately 7,000 students annually are expected to receive up-front grant assistance to help them access post-secondary education. Effective August 1, 2014, the provincial student loan will be decreased by $20 per week of study, and the grant portion will be increased by $20. Effective August 1, 2015, provincial student loans will be completely replaced with non-repayable grants.
“The job outlook in Newfoundland and Labrador is very strong and
in the coming years we will need a well-educated workforce to meet labour
demands. With the complete elimination of provincial student loans and
replacement with up-front, needs-based grants, students will see a
significant reduction in the amount to be repaid as a student loan. It is
our hope that these types of initiatives will not only encourage students to
pursue their post-secondary education in this province, but they will choose
to stay here and play a role in our continued success.”
- The Honourable Kevin O’Brien, Minister of Advanced Education
and Skills
The Provincial Government is further demonstrating its commitment to reducing student debt by investing an additional $5.1 million this year to continue the tuition freeze for students attending Memorial University and College of the North Atlantic. Since 2005 the Provincial Government has invested more than $282 million to freeze tuition fees, making Newfoundland and Labrador’s students the envy of the country.
“It is an exciting time in Newfoundland and Labrador’s natural
resource sector and we are in this together to ensure a vibrant future for
our province. We are committed to affordable education and to providing
students with every opportunity to participate in large-scale industrial
developments such as Hebron, Muskrat Falls and the Long Harbour processing
facility.”
- The Honourable Derrick Dalley, Minister of Natural Resources
Budget 2014 allocates funding for additional initiatives to help Memorial University prepare students for work, including $1.9 million to increase base funding at the Fisheries and Marine Institute to continue the expansion of educational programming, research and student services for continued growth in the ocean sector. The Provincial Government is also providing $1.1 million to continue the expansion of the Faculty of Engineering and Applied Science in the priority areas of ocean, arctic and offshore energy, to support major project development and encourage private-sector industry partnerships.
“As governments across Canada have downloaded the cost of
post-secondary education onto students and their families, the Government of
Newfoundland and Labrador has chosen to buck this trend by taking measures
to improve the accessibility of post-secondary education. Eliminating
provincial student loans in favour of need-based grants and maintaining the
tuition freeze will have a positive impact on students, our families, and
the province as a whole. By investing in students, the Government of
Newfoundland and Labrador is ensuring the province’s future prosperity both
socially and economically.”
- Michael Walsh, Chairperson of the Canadian Federation of
Students – Newfoundland and Labrador
Budget 2014 includes further support for students through the $3.5 million for the Summer Employment Programs for Students which provides wage subsides to businesses and non-profit groups to hire up to 2,000 students this year.
QUICK FACTS
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Media contacts:
Tansy Mundon Director of Communications Department of Finance 709-729-6830, 693-1865 tansymundon@gov.nl.ca |
John Tompkins Director of Communications Department of Advanced Education and Skills 709-729-0753, 728-7762 jtompkins@gov.nl.ca |
Diana Quinton Director of Communications Department of Natural Resources 709-729-5282, 631-8155 dianaquinton@gov.nl.ca |
Michael Walsh Chairperson Canadian Federation of Students - Newfoundland and Labrador 709-737-3204, 685-3203 chair@cfs-nl.ca |
2014 04 04 2:05 p.m.