WHERE'S THE FUNDING?!

Victoria – On Tuesday, the BC government’s Select Standing Committee on Finance and Government Services released a report on the Budget 2012 Consultation. Two recommendations endorsed by the government cited University of Victoria Students’ Society Chairperson Tara Paterson and Director of External Relations Jaraad Marani. Paterson presented a recommendation to reinstitute a post-secondary student grant programs, while Marani presented a recommendation to reduce to eliminate interest rates on student loans. Both recommendations were endorsed by Where’s the Funding Campaign – the largest student-organised post-secondary campaign in BC, representing over 121,000 students at seven institutions.

“It is very exciting to see the recommendations of the Finance and Government Services reflect the issues which we highlighted to the committee,” said UVSS Chairperson Tara Paterson.  “Now we’re hoping that Premier Clark will listen to the overwhelming consensus from students, families and her own MLAs and act on these recommendations by reinstituting the provincial grants program and reducing interest rates on student loans.”

Student needs-based grant programs, which were cut in 2004 in BC, are widely acknowledged to provide most effective incentives for low-income students to access post-secondary education. BC is the only Canadian province that does not have a needs-based grants program.

The Committee’s recommendation calls on the government to reduce interest rates on student loans to “the middle of the pack” of Canadian provinces. BC currently has the highest interest rates on student loans in Canada, and the recent provincial-federal student loan amalgamation creates an opportunity to pass off cost-savings to students.

“This is a great first step, and we salute the committee’s recommendation to follow in the footsteps of other provinces which have reduced or eliminated their student loan interest rates,” said UVSS Director of External Relations Jaraad Marani.  “It doesn’t make sense that the students with the least amount of money ultimately pay the most to attend post-secondary institutions.  If we want to increase access for low-income students, we must change the loan program accordingly.”

The government borrows at 1% below prime, but charges the over 84,000 students currently repaying their loans 2.5% above prime.

Where’s The Funding?! (WTF?!) campaign is organised by the UVic Students’ Society (UVSS), UBC Alma Mater Society (UBC AMS), Simon Fraser Student Society (SFSS), Capilano Students’ Union (CSU), Langara Students’ Union (LSU), University of the Fraser Valley Student Union Society (UFVSUS,) and Nothern Undergraduate Student Society (NUGSS).  The WTF?! Campaign is the largest student-organised post-secondary campaign in B.C. representing over 121,000 students at seven institutions.