- Local News
- March 14, 2016
Post Secondary Education More Accessible and Affordable
Ontario is making college and university more accessible and affordable for low and middle income students and their families through the single-largest modernization ever of the Ontario Student Assistance Program (OSAP). Under the new grant program, the government will replace a number of existing provincial assistance programs with a single, targeted, non-repayable Ontario Student Grant starting in the 2017-18 academic year. The changes to OSAP will make average tuition free for more than 150,000 eligible low and middle income students, and will reduce the cost for many more by:
- Providing the majority of eligible students whose parents earn the median annual income of $83,300 or less with enough in grants to more than cover their tuition costs
- Eliminating provincial student loan debt for eligible students whose parents earn less than $50,000 (the $50,000 family income threshold is based on Statistics Canada’s Low Income Measure for a four-person household, before tax)
- Ensuring that no eligible student receives less non-repayable aid through the new grant than they currently do through the 30% Off Ontario Tuition Grant.
The Ontario Student Grant will provide additional support for full-time mature and married students, and eligibility will no longer be tied to the number of years a student has been out of high school. This predictable, upfront grant will allow families to plan for their education on the basis of net price -- the difference between the sticker price of tuition and what a student actually needs to pay. The government will work closely with the postsecondary sector to develop planning tools that more accurately calculate the net tuition and net price of a university or college education. About 80 per cent of OSAP recipients, or 250,000 students, are expected to end up with lower student loan debt as a result of the changes to OSAP than they would under current OSAP rules.
For more information: http://www.fin.gov.on.ca/en/budget/ontariobudgets/2016/bk1.html