Mr. Speaker, the member clearly demonstrated and highlighted that the success of our nation going forward in the 21st century will be dependent on our ability to ensure that we are able to educate our population. More importantly, we must address and reach out to low income families and people with disabilities that had been disadvantaged in the past or not given the opportunity to reach their full potential.
It is important to recognize here, as the hon. member mentioned, that the government is doing a phenomenal job of making sound investments and ensuring that we encourage people to realize their full potential and make an investment in increasing their ability to obtain a higher education. I want to highlight again some of the key components of post-secondary education programs that have been put in place and will be put in place by the federal government.
The Canada student loans program helps approximately 330,000 students with approximately $106 billion worth of loans annually. The member mentioned the Canada millennium scholarship which is awarded to nearly 90,000 students. This amounts to approximately $285 million. That is a sound investment in our youth. The member also discussed the Canada study grants which are issued to approximately 56,000 students, totalling $75.5 million annually.
Another key component is the Canada education savings grant program which has paid out $2 billion in grants since 1998. These investments, coupled together, amount to billions of dollars of sound investment into promoting education which will help fuel our economy in the 21st century, so we can remain competitive and be the envy of the world.