Mr. Speaker, I am pleased to take the opportunity to voice my support for Bill C-28, the Canada Student Financial Assistance Act. Indeed this is a necessary pillar to ensure quality in higher education in Canada.
Financial assistance to Canada's students is in a very real sense an investment and there are few investments in the country which can be expected to yield as great a dividend as an investment in the human potential.
In many respects the intellect, diligence and perseverance of young Canadians is our biggest asset as a nation, our most precious natural resource. Imagine nearly 1.5 million students, both full time and part time, trying to reflect the future of our country. Indeed, the youth and students of today, though they only represent a portion of our total population, represent 100 per cent of our future. The government is committed to making certain that the rich vein of talent which courses through our youth does not go untapped.
As is the case with other natural resources that are mined the key raw elements of youth, namely creative and artistic minds, idealistic and visionary hearts, and adaptable hands are most useful when refined through education and training.
Bill C-28 is just one important facet of a comprehensive youth employment and learning strategy. It is designed to break the traditional dependency of a young person's educational opportunities on his or her financial capabilities. The bill provides increased financial assistance for students whose pockets may not be as deep as their commitment and potential to achieve.
Generally speaking, the bill has two principal features. First, it provides for agreement between governments and lenders in so far as loans to students are concerned. Second, it allows greater flexibility where the student loan program is concerned respecting eligibility, the total amount to be granted in terms of loans and grants and as well in terms of repayment of these loans.
The bill provides for a new risk sharing agreement with lenders which will see them assume liability for loan repayment to a greater degree.
Bill C-28 also contains measures aimed at simplifying the joint federal-provincial administration of the student loan programs by way of agreement, not by coercion, and thereby diminish the cost of administration of the program and saves that money for actual loans and assistance to students.
The second major component of the bill is flexibility. Under the bill there is greater flexibility with regard to both the type and maximum dollar amount of loans available to students. As well the provinces have the option of opting out of the current program and receiving an alternative form of federal payment thereby respecting provincial jurisdiction and taking into account provincial and regional interests.
Also pilot programs may be established to determine whether repayment plans can be structured on an income contingent basis, taking into account a student's total debt load as well as the student's earning capacity at any given time.
In addition, the new allocation formula provided for in the bill means middle class students may find it easier to qualify for loans than they do under the current guidelines.
As well Bill C-28 portends great things for part time students who will have greater access to funds, both loans and grants, than ever before. The new flexibility will also address segments of our society, including women pursuing advance degrees, and the disabled who have been under represented in certain areas of higher education.
Some members of the House have taken issue with this provision, saying that such a provision will create a division in the country. I submit that the government wants these women as well as the disabled to have an equal opportunity to pursue the higher levels of education. Contrary to what others say, we are only trying to make the playing field level for them as well, and where in the past, history has made a mistake, to correct the past mistakes of history.
It is important to note that these general improvements will translate into very specific and measurable benefits for students. First and foremost, loan limits will be increased by 57 per cent, thus the full time loan limit increases from $105 to $165 weekly.
Students with permanent disabilities may qualify for grants of up to $3,000 annually to help cover transportation, interpretation and other technical courses necessary as a consequence of their disabilities.
A special opportunities grant would be made available to women pursuing doctoral degrees in fields where they are currently underrepresented and part time students will have the ability to apply for loans whose maximum will be raised from $2,500 to $4,000 annually. A $1,200 grant will also be available to part time students who are able to demonstrate other exigency needs. Different grants would alleviate the heavy burdens which rest with so-called high need borrowers.
These sorts of provisions are intended to respond to the demands the government has heard from students nation wide. These measures are the best indication yet that the government is not simply talking about tending to the needs of our youth but is in fact acting quickly and with an eye toward sweeping future improvements.
The young scholars of today are the women and men who must have the tools to lead Canada into the 21st century with research, innovation and determination. It is they who will need to lay the cornerstone of the much talked about information superhighway. It is they who will need to provide the brain power necessary to realize innovations which will make life more productive, more enriching and more fulfilling for all of us, for all Canadians.
To accomplish these formidable goals they will require the kind of exhaustive training and educational background which is most often furnished by Canada's many excellent colleges, universities and vocational schools.
It is for this reason that the government will not force young Canadians to make tremendous debilitating financial sacrifices in order to further their education. The government is acting in partnership with the leaders of tomorrow, effectively extending its right hand to them in a gesture of co-operation and respect and in recognition of their needs and potential to contribute to our Canadian society.
In this way we are today striking a bargain which will ultimately benefit tomorrow's Canada, for our youth of today will be prepared to compete in the global economy and as well to contribute to our national economy and our social cohesion.
They who represent 100 per cent of our future as a nation shall secure the future for us as today we grant them the necessary tools to enable them to secure their national dream.