Message from The Minister of Employment and Social Development and Minister for Multiculturalism - Canada Student Loans Program Annual Report for 2011-2012
Ottawa, November 5, 2013 -
As the Minister of Employment and Social Development and Minister for Multiculturalism, I am pleased to present the Canada Student Loans Program Annual Report for 2011-2012.
Post-secondary education is integral to Canada's economic growth and future prosperity. Today, there are too many employers who cannot find employees with the right skills and qualifications, while too many Canadians are looking for work. That’s why the Government continues to enhance student financial assistance to ensure post-secondary education is accessible for all Canadians, and they can get the skills and qualifications needed to secure gainful employment.
In 2011-2012, more than half a million Canadians received direct financial support from the Canada Student Loans Program to help them pursue their post-secondary education. Over $2.4 billion in loans to post-secondary students were provided. Of these, nearly 6 500 part-time students received loans, a 63% increase from the previous year. Over 336,000 full-time and part-time students obtained Canada Student Grants, for a total of $647 million. These grants provide up-front, non-repayable financial assistance to low- and middle-income students, students with permanent disabilities, and students with dependants. In 2011-2012, we issued 389,395 grants to Canadians. This is a record number and represents an increase of 378% since 2005.
To help Canadians get a good start in their work lives, the Government has also introduced measures to minimize student debt. Since April 2013, family doctors, nurses, nurse practitioners and family medicine residents in more than 4,200 designated rural and remote communities across Canada can apply for Canada Student Loan forgiveness. In addition, part-time students are no longer charged interest on their loans while they study. For borrowers having difficulty making their payments, the Repayment Assistance Plan helped almost 185,000 students in repaying their loans in 2011-2012.
Earlier this year, the Government also adjusted the low- and middle-income thresholds used to assess eligibility for Canada Student Grants and part-time Canada Student Loans and Grants. This change will allow more students to qualify for financial assistance to pursue education and skills training. As this report demonstrates, the Canada Student Loans Program continues to play a key role in supporting Canadians in meeting their education and career goals.
The Honourable Jason Kenney, P.C., M.P.
Minister of Employment and Social Development and Minister for Multiculturalism
Canada Student Loans Program - Annual Report for 2011-2012: