The provincial government announced today three new investment initiatives totalling $2 million that show its commitment to post secondary education on Prince Edward Island.
"I am pleased to announce the creation of the Island Student Awards," said Premier Pat Binns. "These awards, valued at $600 each, will go to approximately 1200 Island students studying full time and entering their third and fourth years at the University of Prince Edward Island or their second year of a two-year program at Holland College. Student debt load, as well as accessibility to programs, has been a major concern to us."
The Premier said this award program will begin this year and continue for the length of the province's participation in the Canada Millennium Scholarship Foundation program. He said the awards represent an indirect investment in our Island institutions.
"It is our hope that this award program will encourage Island students to continue pursuing their post secondary education on Prince Edward Island, while at the same time ensuring we have an educated workforce to meet the needs of Island employers and the growing knowledge-based economy," said Premier Binns. "These awards will enhance accessibility and affordability for post secondary students and at the same time reduce the need for some students to borrow additional funds."
In addition to the new awards program, the Premier announced a $1 million investment towards the new student union centre at the University of Prince Edward Island. The investment recognizes the importance of having a community centre on campus that will benefit students, faculty, staff and visitors to campus. It will also help the University compete with other universities in recruitment and retention of students.
The Honourable Chester Gillan, Minister of Education, announced the new Prince Edward Island Interest Relief Program which will come into effect on April 1, 2000.
"We are pleased to be able to offer this program to our students," said Minister Gillan. "This program will help alleviate some of the financial stresses students feel when they are unemployed or underemployed for a period of time following the completion of their post secondary studies."
The PEI Government currently pays the interest on provincial loans while the student is in school and continues payment of interest for an additional six months after students complete their program of studies.
Minster Gillan said students would be required to provide income information and complete an application to apply to the lender for interest relief and would, if necessary, be able to use the program at any time during the life of their student loan for up to 60 months of benefits under the program.
The PEI Interest Relief Program is a component of the PEI Student Loan Program. The provincial government will pay the interest on PEI student loans during the agreed upon period of interest relief. It is similar to the federal interest relief program that is available for Canada Student Loans.
"In addition to our present student assistance program, this interest relief program will further enhance the ability of students to pay back their loans in a timely fashion," said Minister Gillan.
Premier Binns said these new initiatives illustrate the government's continued commitment to investing in post secondary education.