Know the Facts – Making Post Secondary Education Accessible and Affordable

Here are some key facts on how the BC Liberals are making post secondary education accessible and affordable for students.

Know the Facts – Making Post Secondary Education Accessible and Affordable

• The BC Liberal government currently spends almost $150 million on student financial assistance per year (almost $1.5 billion since 2001).

• Last year the BC Liberal government forgave/reduced $77 million of loans for 24,000 students - the equivalent population of a small city. The NDP opposed this spending in the Legislature.

• In 2001, we created the BC loan forgiveness program to encourage highly needed occupations to work in rural and under served communities.

• The BC Liberal government currently spends almost $30 million a year on scholarships and bursaries.

• Scholarships for grad students include 1,000 scholarships worth $10,000 each over the next four years to masters, doctoral and post-doctoral students – announced in June 2007; Pacific Leadership Graduate Student Fellowships - $20,000 each, with careers in the BC Public Service after graduation; and also in June 2007.

• The Government pays 100 per cent of the interest on students’ loans for up to 10 years while they are enrolled in full-time studies. (unlike a car loan or credit card which continues to accrue interest).

• Since 2001, almost $1.5 billion has been spent in helping B.C. students overcome financial barriers to post-secondary education.

• Last year, the BC Liberal government paid $38 million in interest on behalf of students, while recovering only $26 million in interest payments. Taxpayers subsidized the rest.

• Half of BC students graduate without debt, and 90 percent of those who have borrowed are making their payments on time.

• StudentAidBC has Repayment Assistance Councillors to help students navigate the system. They are there to help the student understand the student loan system, and event to provide advice in managing finances when a former student runs into problems paying their debts.

• When disputes arise and can’t be resolved, the BC Ombudsman can provide valuable assistance both to the former students and to StudentAidBC in helping find solutions.

• The government has extensive networks to support students who apply, such as including loan reductions for those most in need, interest relief programs, and loan forgiveness programs.

• Institutions also provide assistance to ensure these options are explained and adjudicated fairly.