New Ontario Trust for Student Support makes $50 million Annually Available

The McGuinty government is promoting student success by creating more bursaries to improve access to postsecondary education, Chris Bentley, Minister of Training, Colleges and Universities, announced.

"The new Ontario Trust for Student Support will make $50 million available every year to postsecondary institutions so they can assist students in financial need," Bentley announced. "The trust will increase access and opportunities for students, expand fundraising capacity at our colleges and universities, and promote a culture of giving to support students."

This initiative is expected to make available up to $5 million more per year in bursary assistance and increase the number of bursaries by 2,700 every year. Through the trust, the government will make $50 million available every year to match private and corporate cash donations used by colleges and universities to set up endowment funds. Investment income generated by these endowment funds will support bursaries for students who are in financial need.

"We recognize that some postsecondary institutions have limited fundraising capacity and need extra help," added Bentley. "That's why, under the program, we will provide colleges and universities that have endowments of less than $1,000 per student with enhanced matching funding for up to three years."

"We welcome the re-establishment of the program, and are pleased that the matching formula will help level the playing field between institutions," said Stephanie Murray, President of the Ontario Undergraduate Student Alliance.

The Ontario Trust for Student Support is part of the package of improvements to financial aid for students included in Reaching Higher: The McGuinty Government Plan for Postsecondary Education. Through the plan, the government will invest $6.2 billion more in the province's postsecondary system over the next five years - the single largest infusion of funds in the sector in 40 years. This includes $1.5 billion more for student financial aid.

"This is a major step in reducing the financial barriers that students face," said David Lindsay, President of the Association of Colleges of Applied Arts and Technology of Ontario. "It will help Ontario provide career-focused college education to more students."

"We are pleased that the McGuinty government has enhanced the previous Ontario Student Opportunity Trust Fund to ensure that all students in Ontario attending colleges and universities will have an equal opportunity to receive greater financial assistance through the Ontario Trust for Student Support," said Tyler Charlebois, Director of Advocacy for the College Student Alliance. "Our government is proud to make these improvements to financial aid so that all qualified students have access to a college or university education," said Bentley. "Under our plan, a student's ability - not their wallet - will determine the extent to which they reach higher and succeed."

How about the infrastructure?
The buildings may have to fall down around these students!