The Government of Canada Helps Open Doors to Higher Education

Market Wire, August, 2008

- Budget 2008

In Budget 2008, the Government of Canada announced a series of changes to its student financial assistance programs such as the Canada Student Loans Program and Canada Student Grants to improve access to university, college and trade school, and to help students and families manage the cost of post-secondary education. Over the next four years, the Government of Canada will invest $1.7 billion in student financial assistance measures of which $1.6 billion will be invested in new Canada Student Grants, $123 million will be used to streamline and modernize the Canada Student Loans Program, $31 million will be invested in a new service delivery vision including expanded on-line services to enable on-line loan management for students from the time that they submit an application up to the end of their repayment period, and $78 million will be directed to the Repayment Assistance Plan that will base loan payments on a borrower's income and student debt.

Contacts: Human Resources and Social Development Canada Media Relations Office 819-994-5559