Budget 2024 shows support for the affordability of post-secondary education and housing for students
For Immediate Release
April 17, 2024. VANCOUVER, BC – The Alma Mater Society of UBC Vancouver is overall grateful to see the federal government’s commitment to improving the livelihoods of Canada’s younger generation through Budget 2024: Fairness for Every Generation. The following are some of the highlights from the Budget that we truly believe will support current and future post-secondary students:
Housing
When it comes to more student housing, the federal government has announced an additional $15 billion in new loan funding for the recently-announced Apartment Construction Loan Program which will undoubtedly support public post-secondary institutions to build more student housing. The Budget further announces more flexible eligibility conditions for removing GST on new student residences built by public post-secondary institutions. “We are hopeful that further measures will follow to ensure that the federal government thoroughly supports public post-secondary institutions to build an adequate number of affordable student housing,” says Joshua Kim, AMS Vice-President of External Affairs.
Affordable Post-Secondary Education
The increase in the Canada Student Grants and the interest-free loans is welcomed, as it helps to alleviate the financial burden on post-secondary students. With the extension of the Canada student Grants from $3000 to $4200 per year and the interest-free loans from $210 to $300 per week, students will have more opportunities to attend post-secondary institutions and develop their skills to contribute to the future workforce. However, more can be done to address the rising cost of education and living expenses. “We call on the Federal government to continue investments in scholarships and grants for all students, including those pursuing graduate studies in non-STEM fields,” says Joshua Kim, AMS VP of External Affairs.
Indigenous Student Support
The announcement of $242.7 million over the next three fiscal years allocated towards the Post-Secondary Student Support Program to support First Nations post-secondary students is welcomed news. We hope that further measures are announced to support Indigenous post-secondary students with proper consultation with communities aimed at achieving Truth and Reconciliation following Budget 2024.
Mental Health
The allocation of $500 million over five years, for the creation of a new Youth Mental Health Fund is a crucial recognition of the mental health challenges being faced by young Canadians. We emphasize the importance of accessible and comprehensive mental health services on campuses to support the well-being of post-secondary students.
While we commend the federal government’s efforts to address some pressing issues facing post-secondary students, notable areas of concern and unmet needs warrant attention.
We are disappointed by the announcement in the Budget that the rollout of the Permanent Transit Fund (PTF) will not occur until 2026, even with the collective plea from TransLink, STM (Société de transport de Montréal), and TTC (Toronto Transit Commission) asking the federal government to start the Fund immediately. As more than 50% of UBC students are reliant on a reliable and efficient public transit system, the lack of funding in the 2024 Federal Budget for the region’s public transportation system is worrying. This is especially true when considering the financial crisis that TransLink is facing and multiple transit projects, including Skytrain to UBC, being reliant on the federal government’s financial contribution, among the provincial government and other stakeholders’ contributions.
Another key area that remains inadequately addressed in the Budget 2024 is the issue of food insecurity faced by post-secondary students. With over 20,600 students using the AMS food bank in just 71 days of operation, it is evident that students struggle to afford nutritious meals, impacting their health and academic performance. We urge the government to allocate funding to on-campus food banks and implement initiatives aimed at improving access to affordable and healthy food options for post-secondary students, both on and off campus.
Overall, although the Budget 2024 has a couple of victories for post-secondary students, there are areas where the Budget falls short in truly supporting post-secondary students during a time of a cost-of-living crisis and the AMS further calls upon the federal government to adequately support all who are pursuing or intends to pursue post-secondary education.
If you have questions about our provincial lobbying priorities and the 2024 BC Budget, please email VP External vpexternal@ams.ubc.ca or AVP External avpexternal@ams.ubc.ca.
Read the full Budget 2024: Fairness for Every Generation.
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