Nearly $9 billion investing for post-secondary students and recent graduates


 

Nearly $9 billion investing for post-secondary students and recent graduates

 

April. 25, 2020

Global Korean Post

 

In 2017-18, there were an estimated 2.1 million students enrolled in public Canadian post-secondary institutions with 1.3 million registered in universities and 700,000 in colleges – 1.6 million studied full-time and 500,000 studied part-time.

 

The Government of Canada recognizes that students and recent graduates are being significantly affected by the economic impacts of the COVID-19 pandemic. In March 2020, the number of post-secondary working students, aged 15-29, dropped by 28% from February 2020.

As many post-secondary students adapt to the new reality brought on by COVID-19, they are concerned about the effect of the pandemic on their ability to continue their studies, secure and retain summer employment, pay their bills, and save for tuition in the fall. Additionally, students who are about to graduate might struggle to find employment in their field of study, which may in turn, have a negative impact on the value of their education over the long term.

 

The Prime Minister, Justin Trudeau on April 22 announced comprehensive support of nearly $9 billion for post-secondary students and recent graduates. This plan will help provide the financial support they need this summer, help them continue their studies in the fall, and help many get the experience they need to start their careers. These measures include launching:

  • the proposed Canada Emergency Student Benefit, which would provide support to students and new graduates who are not eligible for the Canada Emergency Response Benefit. This benefit would provide $1,250 per month for eligible students or $1,750 per month for eligible students with dependents or disabilities. The benefit would be available from May to August 2020.
  • the new Canada Student Service Grant, which will help students gain valuable work experience and skills while they help their communities during the COVID‑19 pandemic. For students who choose to do national service and serve their communities, the new Canada Student Service Grant will provide up to $5,000 for their education in the fall.

The Government of Canada will expand existing federal employment, skills development, and youth programming to create up to 116,000 jobs, placements, and other training opportunities to help students find employment and develop valuable skills this summer and over the coming months. In addition, to help students continue their studies in the fall, the government will:

  • double the Canada Student Grants for all eligible full-time students to up to $6,000 and up to $3,600 for part-time students in 2020-21. The Canada Student Grants for Students with Permanent Disabilities and Students with Dependents would also be doubled.
  • broaden eligibility for student financial assistance by removing the expected student’s and spouse’s contributions in 2020-21, in recognition that many students and families will struggle to save for school this year.
  • enhance the Canada Student Loans Program by raising the maximum weekly amount that can be provided to a student in 2020-21 from $210 to $350.
  • increase existing distinctions-based support for First Nations, Inuit, and Métis Nation students pursuing post-secondary education by providing an additional $75.2 million in 2020-21.
  • extend expiring federal graduate research scholarships and postdoctoral fellowships, and supplement existing federal research grants, to support students and post-doctoral fellows, by providing $291.6 million to the federal granting councils. In addition, the government intends to enhance work opportunities for graduate students and post-doctoral fellows through the National Research Council of Canada.
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