Thank you very much, MP Morrissey.
Mr. Chair, I want to pick up on a point made by MP Barlow. I'm happy to come back to HUMA at any point, so I'll leave that in your capable hands. I certainly wouldn't want to leave the impression that any of us don't want to answer questions on the really important files that we manage every single day on behalf of Canadians all across this country.
In response to your question, the first thing is the increase of grants. You don't have to repay what you don't borrow. We know that, for vulnerable students.... I can actually speak from experience, as the first in my family to graduate with a post-secondary education. That was made possible by Canada student grants. For vulnerable students, it alleviates a lot of fear for families living in poverty because, obviously, they don't necessarily have money to pay for the tuition or whatever is left that's not funded. Also, the fear that paying back a loan down the line can prevent someone from attending school.
When we took office, we knew that one way to get more kids to go to school—more people to attend studies—was to increase non-repayable Canada student grants. We did that, by 50%. That's making post-secondary education more affordable for 43,000 more Canadians.
Also, we changed the repayment assistance program, so that no graduate who applies for loans has to repay their student loan until they're earning at least $25,000 per year. That's another 54,000 students who are taking advantage of that repayment assistance program. That allows people to get their feet on the ground and get a little bit more stable in the workforce before they have to manage their Canada student loans.
As you point out, the write-off amount is less than 1%. That's because of these important changes we've made. In July 2011, the net default rate was 11.8%. In July 2017, after we took office, it dropped to 9%, an all-time low. That's really important, because it's beginning the evidence that actually supporting students, who are at the lower levels of earnings, to access education in a way that increases their confidence and allows them that breathing space actually results in less default.
This is not just fiscally smart; this is smart for employers, too.
This is my final statement, Mr. Chair. Thanks for giving me a few minutes. As I travel across the country, what employers are saying to me most is that they need more talent; they need more bodies. Those of you who come from Quebec will recognize that appeal, but certainly it's happening across the country. Obviously, some areas are experiencing it in deeper ways than others. This lack of labour means that we need to double down on our efforts to get more young people the skills training they need, in affordable ways.
We can't afford to leave anybody behind. When we make sure that everyone has an opportunity to succeed and to develop their skills, it's good for them, their families and communities, and it's also good for the economy.
Thank you.