Important changes made to student loan process

NEWS RELEASE

DAVID ORAZIETTI, MPP

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Province helps students better prepare for college and university

SAULT STE. MARIE - The province is making Ontario Student Assistance Program (OSAP) applications available three months earlier in order to help college and university students plan their budgets and better understand the various types of financial assistance that are available from the province, David Orazietti, MPP announced today.

“Our government is committed to ensuring that every qualified Ontarian who wants to gain a college or university education has an opportunity to do so, which is why we continue to improve financial assistance programs so that it is easier for students to get the help they need,” said Orazietti. “The province has invested over $1 billion to make postsecondary education more accessible and more affordable for students and this new initiative makes us the only province to offer financial assistance applications as early as February.”

OSAP applications will now be available in February instead of May.

In addition, Ontario is putting applications for part-time students on a brand-new OSAP website.

Other recent changes to Ontario’s student aid program are helping students by:

- Providing more assistance for tuition, living costs, books, supplies and equipment.

- Allowing students to keep more of the money they earn from part-time jobs.

- Providing a no-interest no-payment period on student loans for six months after graduation.

- Providing additional support for married students and students with children.

- Introducing a new grant for part-time students.

- Offering students more flexibility on repayment.

The province committed to investing an additional $310 million in the Ontario budget to add 20,000 new spaces in colleges and universities in September 2010.

Since 2003, the provincial government has created over 120,000 new spaces in Ontario colleges and universities.

This investment is in addition to providing $155 million in 2009-10 to fully support enrolment growth at colleges and universities, including $65 million announced through the Ontario economic outlook and fiscal review.

Since 2003 the provincial government’s record level of investments at both Sault College and Algoma University have resulted in new programs, expanded enrollment, additional jobs, new infrastructure and a fully independent university in Sault Ste. Marie.

Quick facts

- Ontario is the only province to offer financial assistance applications as early as February.

- Over the past six years, Ontario has invested almost $1.6 billion to help make college and university easier to access and more affordable.

- The changes to OSAP made this year are helping about 210,000 Ontarians.

- Ontario’s 63 percent postsecondary education rate is one of the highest of all OECD countries.

- The government’s Open Ontario Plan will help raise Ontario’s postsecondary education rate to 70 percent.

- Ontario’s new credit transfer system will create flexibility for students so they won’t have to repeat courses when they move to a new college or university, saving them time and money

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