Spending proposals for the Newfoundland and Labrador 2007 provincial budget have been announced and there are a number of post-secondary education-related initiatives included:
- A commitment to grant Sir Wilfred Grenfell College full university status
- A further extension of the current tuition freeze for students attending Memorial University and the College of the North Atlantic
- $14.4 million for a two-component Student Loan Debt Relief program, including up-front needs-based grants for 8,000 students and a reduction in interest on Newfoundland Student Loans to the prime rate (making Newfoundland's student loan interest rate the lowest in the country)
- $20.4 million in additional funding to Memorial University, including funding to construct two new student residences
- $8.3 million in additional funding to the College of the North Atlantic
- $2.8 million to expand skills training and apprenticeships
- $1 million to establish a new School of Ocean Technology at the Marine Institute of Memorial University
- A number of new research initiatives including a Research and Development Strategy; a new Crown entity to be headed by a Chief Science Advisor; and a new Premier’s Advisory Committee on Science and Research to oversee research and development
Dale - know anywhere one can get details on the "up-front grant"? Like how big it is, who's eligible, etc.
ReplyDeleteAnd are CSL and NSL harmonized? If so, wouldn't the reduction in loan interest mess that up? Not that that's an argument against, or anything...
The greatest detail I have read so far is from the highlights section that reads: "Student Debt Relief Program with an annual investment of $14.4 million which includes:
ReplyDeleteBeginning in fall 2007, students will be provided with up to $70 per week in up-front, needs-based grants to offset their borrowing costs; and,
The interest rate charged on provincial student loan debts will be decreased from prime plus 2.5 per cent to prime."
The prov and fed progs were harmonized in 2000, but they do not consolidate at repayment.