March 29 – College and university students are getting greater access to financial aid and more flexibility on loan repayments, as part of the McGuinty government's five-year Open Ontario plan to create new opportunities for jobs and growth.
Ontario is modernizing the Ontario Student Assistance Program and making changes to other financial supports. The changes will benefit 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 period on student loans for six months after graduation
- Introducing 1,000 new graduate scholarships
- 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 current tuition fee framework is also being extended for two more years; limiting tuition fee increases to an average of five per cent annually. Colleges and universities will be required to contribute 10 per cent of additional revenue from tuition fee increases to bursaries and other student assistance programs that provide financial aid to students most in need.
The Ontario Student Opportunity Grant threshold, which caps annual student debt, will increase from $7,000 to $7,300 for a two-term academic year. This will be the first increase to the cap in 12 years.