Supporting the Next Generation of the Middle Class, MP Chandra Arya, Nepean
Our continued prosperity depends on young Canadians getting the education and experience they need to succeed. Supporting youth as they transition into the workforce and giving them the training they need to succeed is how we will grow our economy and strengthen the middle class. Since 2015, our investments in the Youth Employment Strategy have helped over 220,000 young Canadians get the training and work experience they need to launch careers.
We have doubled the number of summer job opportunities available and significantly increased funding to programs that help youth transition from the classroom to the workforce.
Canada Student Grants and Loans:
Increased Canada Student Grants by 50%, putting up to $3,000 more in the pockets of students who need it most over the course of their education. This made post-secondary education more affordable for 490,000 students in 2017-18 alone.
Increased the threshold for the Repayment Assistance Plan, so Canadians don’t need to start repaying their student loan until they find a job and are making at least $25,000 per year.
To help students better manage the mounting pressure of higher education costs, our government lowered the floating interest rate on Canada Student Loans to prime plus 2.5% starting in 2019-20.
Making Canada Student Loans more accessible by increasing the cap on the Canada Student Grant for Services and Equipment for Students with Permanent Disabilities from $8,000 to $20,000 per year, to help students with permanent disabilities afford the necessary services and equipment for their studies.
Our government is modernizing YES with an emphasis on breaking down barriers to employment for youth.
Canada Service Corps
Expanding the Canada Service Corps by investing $314 million over 5 years to create up to 15,000 annual volunteer service placements and 1,000 annual micro-grants to provide even more young Canadians with the chance to gain valuable work and life experience while giving back to their communities in meaningful ways.
Student Work Placements Program
Creating up to 84,000 new student work placements by 2023- 24, including more co-op placements for students in science, technology, engineering, arts, mathematics, and business programs – with a focus on opportunities for women and Indigenous students.
Student Financial Assistance
Introduced the Fixed Student Contribution, which means students will only be expected to provide a fixed contribution of between $1,500 and $3,000 per academic year. In addition, more students will be able to continue to work and gain valuable job experience without having to worry about a reduction in their level of financial assistance.
Amending the Canada Student Financial Assistance Act so that student loans will not accumulate any interest during a newly introduced six-month grace period after a student graduates.