The following was issued today from the campaign office for Terry Sheehan, Liberal candidate
For too many Canadians, rising costs have made post-secondary education increasingly out of reach or difficult to manage financially. It is becoming harder for middle class families to save for their children’s education, while many lower-income families are not able to save at all.
“The federal government spends billions each year on non-refundable tax credits that offer little direct help for students when they need it,” said Terry Sheehan, local Liberal candidate. “We have a plan that will directly help students and their families manage the costs of post-secondary education so that everyone can have the opportunity to attend.”
This plan includes:
• Increasing the maximum Canada Student Grant for low-income students to $3,000 per year for full-time students, and to $1,800 per year for part-time students.
• Increasing the income thresholds for eligibility, giving more Canadian students access to even larger grants. This investment will be funded by cancelling the poorly targeted education and textbook tax credits. The tuition tax credit will be maintained. This will increase the level of non-repayable grant assistance to students by $750 million per year, rising to $850 million per year by 2019/20.
• Making our student loan system more flexible. We will ensure that no graduate with student loans will be required to make any repayment until they are earning an income of at least $25,000 per year. The federal government will continue to pay the interest on student loans until graduates begin to earn sufficient incomes to take over their own payments and repay their own loans.
• Working with provinces and territories to ensure that they do not assume any additional costs and to make sure these investments go directly to students. We will also work collaboratively with provinces and territories to improve promotion of RESPs and Canada Learning Bonds, and to make registration simpler for all families.
• We will invest $50 million in additional annual support to the Post-Secondary Student Support Program, which supports Indigenous students attending postsecondary education, and will allow the program to grow in line with increasing demand.
“The goal really is trying to make college and university more affordable for everyone. The Liberals are the only party with a solid plan that will help lessen the financial burden of education on families and students before, during, and after their studies,” said Sheehan.