Mr. Speaker, I thank the member for Brampton East for his speech. We have taken a few flights together to Toronto.
As the member mentioned, it has been a theme today of the student loan and grant provisions in the budget. However, I wonder if he can comment on the Federal Reserve Bank of New York report that was written not too long ago. July 2015 was the revised edition, and in March 2016, there was Staff Report No. 733, which studied the relationship between the federal U.S. student loan program and how it actually contributed to increasing tuition costs in the United States. The relationship it found was that the subsidized loan effect is most pronounced for the most expensive degrees offered by private institutions, two-year degrees, and vocational programs.
We are trying to help students by paying for their education, but this is the latest data coming out of the United States where they provide significant contributions through loan and grant programs. I have a U.S. master's degree, and I am familiar with how expensive it is to get a post-secondary education there.
However, for these types of programs, when we increase them, the correlation is that we increase the cost of the programs of post-secondary institutions. In this case, the Federal Reserve Bank of New York found that the relationship was mostly between expensive programs, vocational programs, and two-year programs.
Therefore, is the effect of this increase in the budget going to be that program costs in Canada might actually start going up in relation to how much they are being subsidized? I would like to hear the member's comments on this.