FOR IMMEDIATE RELEASE
OTTAWA, November 30, 2020 – The Alma Mater Society of the University of British Columbia, Vancouver applauds the federal government for taking a step towards making post-secondary education more affordable for students amidst the ongoing pandemic by announcing additional support for students, recent graduates, and youth in Canada’s Fall Economic Statement.
The economic update reports $575.5 million over two years invested in the Youth Employment and Skills Strategy, $447.5 million invested in the Canada Summer Jobs program and the complete elimination of interest rates on all Canada Student Loans for 2021-2022. This update to the Canada Student Loans program will aid up to 1.4 million Canadians who have existing payments on their federal student loans.
“We would like to thank the federal government for these crucial investments in the future workforce of Canada and for their continued leadership throughout these times of uncertainty” said AMS Vice-President, External Affairs Kalith Nanayakkara.
This economic update is following a successful lobby week by the AMS along with Undergraduates of Canadian Research-Intensive Universities (UCRU). The lobby week brought forward advocacy priorities such as support in student financial aid and work-integrated learning.
“This provisional removal of interest rates relieves some of the extraordinary financial burden on recent graduates as they enter this recovering economy. Moreover, the investments made into employment programs and strategies will be essential in ensuring that students have increased access to gaining practical work experience during such unprecedented times” said Vice-President Nanayakkara.
The AMS has been working with UCRU on a number of recommendations to the federal government including the implementation of a two-year grace period on all federal student loans for new graduates and increased investments towards the Youth Employment and Skills Strategy.
“Investing in students today is an investment into Canada’s future economic growth and recovery.” said Nanayakkara.
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