Statement made on 02 November 2010 by Senator Catherine Callbeck
Hon. Catherine S. Callbeck:
Honourable senators, my question is for the Leader of the Government in the Senate.
In August of this year, as post-secondary students were going back to colleges and universities, the Canada Student Loans Program hit its lending limit of $15 billion. That meant approximately 50,000 students were in danger of receiving no funding at all. The system was stretched to the limit.
The minister quietly amended the regulation of the Canada Student Financial Assistance Act which defines how the government's liability is calculated through an order-in-council to fix the problem. This freed up approximately $2 billion in additional funds to cover the shortfall this year. However, what is the government's long-term solution to this issue? What will the government do to ensure the Canada Student Loans Program is not faced with this problem again?
Please click here to read the full text of the Senator's question