OTTAWA, ON, April 16, 2024 /CNW/ – Today, Finance Minister Chrystia Freeland released the 2024 federal budget. This budget is a clear and intentional step forward for supporting post-secondary students, across the country, as well as a direct reflection of many concerns brought forward by the Canadian Alliance of Student Associations (CASA) and the The Union étudiante du Québec (UEQ) during their pre-budget advocacy.
For the past 10 years, shared concern about student finances between CASA and the federal government has led to massive extensions in funding for education of students from low-income families, as well as measures such as last year's commitment to interest-free status on federal student loans. Students are also pleased to see the extension of the Canada Student Grants from $3000 to $4200 for the year 2024-2025, the interest-free Canada Student Loans from $210 to $300 per week, and eligibility improvements to the Canada Learning Bond. Additionally, the permanent elimination of the credit screening requirement for mature students applying for Canada Student Grants and Loans for the first time creates opportunity for mature students to get into post-secondary. Indigenous students across the country also celebrate the investment of $242.7 million over 3 years starting in 2024-2025 to maintain access to post-secondary education through the Post-Secondary Student Support Program, consistent with Call to Action 11 of the Truth and Reconciliation Commission.
Housing has consistently been identified as a number one priority for most post-secondary students across the country. Today's Budget investment in on and off campus housing through the Housing Accelerator fund, additional funding to the Apartment Loan Construction Program and the removal of GST on new student residences will incentivize Canada's educational institutions to build more student housing for domestic and international students, increasing student and consumer power in the housing market. In addition, the modernization of the shelter calculations for student aid will provide accuracy and more funding in Canadian students' pockets.
Furthermore, Budget 2024 announces an investment of $825 million over five years, starting in 2024-25, with $199.8 million per year ongoing, to increase the annual value of master's and doctoral student scholarships as well as post-doctoral fellowships. This will also increase the number of research scholarships and fellowships provided, building to approximately 1,720 more graduate students or fellows benefiting each year. Additionally, CASA welcomes an investment of $1.8 billion in core research funding over five years to SSHRC, NSERC and CIHR. After more than 20 years, graduate students and post-doctoral students celebrate the impact this announcement will have on Canadian productivity and researchers' ability to tackle problems for decades to come. .
The Canadian Alliance of Student Associations remains committed to working with the federal government on any measures that can benefit Canadian students, as well as implementing those announced today. Today's announcement signals interest in the student voice, and CASA looks forward to future co-operation by continuing to share the concerns and needs of Canada's post-secondary students.
Quotes:
"Today students are celebrating the investments in Budget 2024. We are pleased to see the holistic approach of the government to ensure generational fairness through post-secondary education. Supporting post-secondary education financially means you are setting up the next generation of Canada's workforce for success."
– Sadie McAlear, Chair of CASA
"The Quebec Student Union has been alerting the Government of Canada for several years of the deterioration of university research caused by insufficient financial assistance for our student researchers. We welcome that the government has put an end to the hemorrhage and we will continue to advocate for a permanent solution to address increased cost-of-living for our student researchers."
– Catherine Bibeau-Lorrain, President of UEQ
About CASA
Established in 1995, the Canadian Alliance of Student Associations is a non-partisan, not-for-profit national student organization composed of 25 student associations across the country. Through our partnership with the Quebec Student Union/Union étudiante du Québec, CASA represents 365,000 post-secondary students across Canada.
About UEQ
The Union étudiante du Québec (UEQ) represents 100 000 students from 11 student associations across Quebec. The UEQ's mission is to defend the rights and interests of the student community, its members associations, and of their members, by promoting, protecting, and improving the conditions of students and those of local and international communities.
SOURCE Canadian Alliance of Student Associations
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2024/16/c3011.html
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