Madam Speaker, I appreciate this opportunity tonight to address the comments of the hon. member for South Okanagan—West Kootenay for whom I have a lot of respect for bringing this important issue to the floor tonight. I want to inform the House of what the government is doing to ensure that Canadians are better positioned to access post-secondary education and to graduate.
Canadians have proven to be among the world's most enthusiastic supporters of education as a pathway to greater prosperity. As Canada's population ages, its prosperity will increasingly depend on young Canadians getting the education and training they need to prepare for the jobs of today and tomorrow. For this reason, it is more important than ever to ensure that post-secondary education remains affordable for all Canadians, including the middle class and those working hard to join it. The future of young Canadians and the future of Canada depends on it.
Budget 2016 takes important steps to make education more affordable for all Canadians, and especially for those students struggling with the steep cost of attending post-secondary institutions. With our first budget we increased Canada student grant amounts for students from low- and middle-income families as well as for part-time students. As a result, approximately 350,000 students from middle-class and low-income families across Canada will receive more financial help to make it easier for them to pursue their education.
Through budget 2016 we will also expand the Canada student grants program so that more students receive non-repayable financial help. We will do so by changing the eligibility thresholds beginning in the 2017-18 academic year. In addition to Canada student grants, students in Canada can also take advantage of Canada student loans to help pay for their education. Our government believes that students should not be penalized for working and gaining valuable job experience while studying. Under the current program students must estimate their financial assets and income earned while studying to determine eligibility for Canada student loans and grants. Students who work should not have to worry about jeopardizing their grant or loan.
For that reason, budget 2016 proposes to introduce a new flat-rate student contribution model, which will be implemented for the 2017-18 academic year. This will see students contribute a flat amount each year toward the cost of their education, and financial assets and student income will no longer be considered when they apply for a loan or grant. This change would allow students to work and gain valuable work experience without having to worry about a drop in their financial assistance. It would also benefit adult learners, many of whom work while studying or have significant financial assets.
We also want students not to worry that their debt repayment will be an overwhelming burden after graduation. For that reason, through budget 2016 we will make sure that no student needs to start repaying their Canada student loan until they earn $25,000 a year.
Budget 2016 will also invest $165 million in 2016-17 under the youth employment strategy. This government is committed to post-secondary education and growth in our—