Madam Speaker, thank you for the opportunity to address the concerns of the member for Chambly—Borduas on the need to reduce student debt.
Post-secondary graduates play a vital role on our road to economic recovery and prosperity. That is why our government made changes to student financial assistance in 2008 and why we are proposing more amendments to the Canada Student Financial Assistance Act.
However, it should be underlined that the policies of post-secondary institutions, including the establishment of tuition levels, fall under provincial and territorial jurisdiction.
We support the provincial and territorial governments through block funding for post-secondary education under the Canada social transfer. This ensures that provinces and territories have the flexibility to invest funding according to their own needs and priorities. This reflects a long history of Canadian governments working together on shared national priorities. It also recognizes that in areas of provincial jurisdiction, provincial and territorial governments are best placed to deliver the services and to be accountable for their outcomes.
We are living in the age of knowledge and information. Therefore, it has never been more important to give the young people of today the means to pursue post-secondary education if we want them to succeed in the world of tomorrow. That is exactly what we are doing.
Our government has made available a number of supports to help Canadians finance and repay their post-secondary education. Our government invests more than $10 billion annually in direct support for post-secondary education.
As announced on January 1, part-time students no longer have to pay interest on their Canada student loans while enrolled as students, bringing their costs in line with those of full-time students.
In the 2009-10 school year, 400,000 students received loans and grants totalling nearly $2.7 billion through the Canada student loans program. Of that, $593 million was for Canada student grants, received by 295,000 Canadian students. That is more than double what it was under the old Liberal system.
Budget 2011 indicated that our government will forgive a portion of student loans for new family physicians and nurses who choose to work in under-serviced areas, such as remote and rural communities, like my own home areas of Elmvale and Angus in the riding of Simcoe—Grey. Budget 2011 also increased the amount students can earn while working without their loans being affected. This helps over 100,000 students.
Canadians still believe, correctly I would add, that post-secondary education is a sound investment. This is why more Canadians than ever before are seeking assistance to help them meet their post-secondary education goals.
Our government is aware of the concerns about rising student debt. We remain committed to helping students access affordable post-secondary education with a loan they can reasonably repay.