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:
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.
"Today's students are the builders, dreamers and innovators who will lead Ontario into the future. By providing them with the financial support they need to go to college or university, we're helping them to reach their full potential and we are building an Open Ontario that will create jobs and strengthen our economy."
– John Milloy
Minister of Training, Colleges and Universities
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