Exempting a personal vehicle will open additional financial aid to more students. Creation of the Canada Apprentice Loan makes skills training more accessible.
OTTAWA, Feb. 11, 2014 /CNW/ - Canada's students welcomes new measures in the 2014/2015 federal budget that will enhance access to post-secondary education and improve long-term employment prospects for Canadian youth. The Canadian Alliance of Student Associations (CASA) prioritized these improvements to the Canada Student Loans Program in 2013.
In budget 2014/2015 the Government of Canada announced that it would be eliminating the vehicle assessment from Canada Student Loans assessment of assets, a change students having been calling on for years.
The government also announced a new investment of $100 million dollars to create the Canada Apprentice Loan, an expansion of the Canada Student Loans Program.
"These improvements will improve access to skills training and education," said Amanda Nielsen, Chair of CASA. "We are pleased that the government has listened to our recommendations to eliminate barriers to retraining."
Currently 19,000 students are penalized for owning vehicle with a value of more that $5,000, despite the fact that nearly 46% of students relies on a vehicle to get to class. This announcement will increase financial aid to students by nearly $8 million per year.
The proposed Canada Apprentice Loans will provide financial assistance to approximately 26,000 apprentices per year.
"Interest free loans ensure that education is not more expensive for people who have to borrow to learn," added Nielsen. "Helping more people access post-secondary will improve outcomes in many other sectors of the economy and society as a whole."
SOURCE: Canadian Alliance of Student Associations
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