The Manitoba government is continuing to ensure quality post-secondary education is affordable and accessible by providing $10.5 million through the Manitoba Bursary loan remission program. This statement was made by Advanced Education and Literacy Minister Erin Selby.
“Like all parents, I know the difference that a university or college education can make for our kids,” said Selby. “That’s why we’ve worked to expand grants, scholarships and bursaries, to put a good education in the reach of every young person. Today we’re building on our progress by helping 3,700 more students by reducing their student loans.”
The bursary is an annual loan remission program. Awards are applied against students’ outstanding Manitoba student loan balances, basically reducing student debt for those who qualify, Selby said. This year, eligible students will receive an average $2,830 reduction in their student loans.
“In addition to other provincial scholarship, bursary and access initiatives that help address the upfront costs of a university education, the Manitoba Bursary remission program helps alleviate students’ anxieties about their future finances, such that they can better focus on their studies,” said Lloyd Axworthy, president and vice-chancellor of the University of Winnipeg. “Along with Manitoba’s student tax rebate program and low student loan interest rates, it helps to ensure that our post-secondary graduates can hit the ground running.”
Since 1999, the Manitoba government has made substantial investments in supports for university and college students to keep post-secondary education affordable and accessible, the minister said. These investments include:
- providing more than $240 million in grants, scholarships and bursaries through the 2013-14 academic year;
- providing $90 million to students who stay and work in Manitoba through the 60 per cent tuition rebate;
- reducing interest on Manitoba student loans – first in 2008 to prime plus 1.5 per cent, then again in 2012 to prime rate, saving students nearly $1.2 million and counting;
- increasing the earnings exemption for student loans, allowing them to earn more money during the school year without affecting their loan eligibility;
- increasing the vehicle exemption for student loans;
- introducing the Rural/Northern Bursary to support students who have to travel or relocate to pursue post-secondary studies; and
- increasing the annual ACCESS Program bursary budget by almost $1 million and committing more than $31 million in ACCESS Program bursary assistance since 1999.
