Canadian higher education student financial aid policies, products and services in Canada
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Date
2019-09-10
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Although Canada is a welfare state and it has need-based priority student financial aid support policies in Canada; however, its higher education financial aid service is not universal. Rather its higher education support services have neoliberal policy matrix (public grants and private loan) financial aid services began to take root in most Canadian provinces. Although since 1964, the Canadian financial aid program has provided over $51 billion in Canada Student Loans to more than 5 million Canadians to help them finance their education and equip them to achieve their career aspirations. The average Canadian student debt is $27,000, up from $8,000 in 1990. The Government of Canada changes many of its higher education financial assistance policies, programs, and products; however, the ratios of the grants: loans are still questionable to many students, researchers, and laymen. Therefore, the federal, provincial and institutional grants need of the increased so that grants portion can be higher than 80% than the loan portion.
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Ontario Student Assistance Program (OSAP); Ontario Student Opportunity Grant (OSOG); Repayment Assistance Plan (RAP)
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