Canada Millennium Scholarship Foundation: Are Students Getting the Support they Need?
The key to modernizing student financial assistance in Canada lies in the effective use of resources to minimize the accumulation of debt and to reduce the risks associated with the pursuit of a post-secondary education for those who would not normally consider it, according to two new research reports published today by the Canada Millennium Scholarship Foundation.
“These reports come at a time when the federal government has already stated its interest in modernizing the Canadian student financial aid system,” said Norman Riddell, the Foundation’s executive director and chief executive officer. “The Foundation shares this goal and, given the importance of ensuring high levels of participation in post-secondary education, hopes that its research will inform the discussion to determine whether or not we have the right tools in place to help students who need support.”
Canada’s Tuition and Education Tax Credits reveals that the credits are improving neither access to Canadian post-secondary institutions nor the affordability of studies for those most in need of support. While the tax credits, valued at $1.3 billion annually, represent one of the largest forms of government support to post-secondary students, it is precisely those who need them most — lower income students - who are least able to make use of them while they are pursuing their studies.
At the same time, the Report on Student Debt concludes that many students under the present system must assume relatively high levels of debt to finance their education. In a growing number of cases, this includes debt from private sources in addition to student loans, which is particularly alarming because research shows that, as their debt levels rise, students become less likely to complete their studies.
Canada’s Tuition and Education Tax Credits and the Report on Student Debt are available on the Foundation’s website at www.millenniumscholarships.ca/en/research/ResearchSeries.asp.
The Canada Millennium Scholarship Foundation is a private, independent organization created by an act of Parliament in 1998. It encourages Canadian students to strive for excellence and pursue their post-secondary studies. Each year, the Foundation distributes $340 million in the form of bursaries and scholarships throughout Canada. Since its inception, it has awarded 800,000 bursaries, with a total value of $2.3 billion, to Canadian post-secondary students.
CONTACT INFORMATION
Canada Millennium Scholarship Foundation
Jaime Frederick, Communications Advisor
514-284-7240
