Advanced Education and Skills
July 31, 2015
Supporting Post-Secondary Students to Build Communities
August 1 Marks End of Provincial Student Loans and Launch of Part-time Incentive Grant Program
Newfoundland and Labrador is again leading the country with progressive student aid. As of August 1, 2015, work will be completed to replace provincial student loans with up-front needs-based grants. To further advance the Provincial Government’s commitment to affordable, accessible post-secondary education, Budget 2015 provides $66,000 to launch a Part-time Incentive Grant Program to assist residents pursuing part-time studies in the province.
“While we provide the best student aid package in the country and have the lowest student debt, this government recognizes the challenges part-time students face in the pursuit of an education – often while juggling family, career and employment responsibilities. The Part-time Incentive Grant provides up to $500 per semester to a maximum of $1,000 per year for eligible residents studying part-time within the province, to ease the financial burden associated with part-time post-secondary study. This needs-based grant will also provide an incentive to encourage mature learners and those participating in the workforce to continue their education through part-time studies.”
- The Honourable Clyde Jackman, Minister of Advanced Education and Skills
The Part-time Incentive Grant Program builds on a series of initiatives the Provincial Government has introduced over the past decade to reduce student debt. These include:
- Tuition freeze at Memorial University and College of the North Atlantic;
- Elimination of interest on the provincial portion of the student loan; and
- Replacement of provincial student loans with non-repayable grants.
Since 2005 the Provincial Government has invested approximately $337 million to support the tuition freeze for students at Memorial University and College of the North Atlantic. Nearly $15 million has been invested to complete the two-year process of eliminating provincial student loans and replacing them with up-front non-repayable grants.
“Affordable, accessible post-secondary education supports all four action plans of our Population Growth Strategy – workforce, families, communities and immigration – and our government is very proud to advance that support today with the launch of the Part-time Incentive Grant Program. It will help decrease student debt for eligible part-time students while also increasing the participation of mature learners in post-secondary education. A key goal of the Provincial Government, in partnership with our post-secondary education system, is to assist more individuals in pursuing a post-secondary education and staying here as highly-skilled graduates to contribute to Newfoundland and Labrador’s economy.”
- Minister Jackman
For more information on student financial assistance and the Part-time Incentive Grant Program, please visit: //www.aes.gov.nl.ca/studentaid/index.html
Live Here, Work Here, Belong Here, A Population Growth Strategy for Newfoundland and Labrador, 2015-2025 is the Government of Newfoundland and Labrador’s 10-year plan to support individuals and families. The strategy will ensure investments and programs are aligned to encourage individuals to choose Newfoundland and Labrador to live, work and raise a family. The Population Growth Strategy is supported by four action plans covering the main elements of population growth – workforce, families, communities and immigration. For more information visit //www.gov.nl.ca/populationgrowth/.
The Provincial Government will continue to make essential investments to support students, while encouraging the efficiency of Newfoundland and Labrador’s public post-secondary system.
QUICK FACTS:
- As of August 1, 2015, work will be completed to replace provincial student loans with up-front needs-based grants. Nearly $15 million has been invested to complete the two-year process.
- Through Budget 2015, the Government of Newfoundland and Labrador is investing $66,000 to implement a Part-time Incentive Grant Program for eligible part-time students.
- This non-repayable needs-based grant will provide up to $500 per semester of part-time study to a maximum of $1,000 per year for eligible Newfoundland and Labrador residents studying within the province.
- Since 2005 the Provincial Government has invested approximately $337 million to support the tuition freeze for students at Memorial University and College of the North Atlantic.
- 30 -
Media contact:
|
John Tompkins Director of Communications Department of Advanced Education and Skills 709-729-6939, 728-7762 jtompkins@gov.nl.ca |
2015 07 31 1:30 p.m.