For Immediate Release                                                            

June 19, 2006

MCGUINTY GOVERNMENT ENHANCES ACCESS AT ST. LAWRENCE COLLEGE AND QUEEN’S UNIVERSITY

KINGSTON–The McGuinty government is promoting student success by matching funds raised by St.Lawrence College and Queen’s University to enhance student access, John Gerretsen MPP for Kingston and The Islands, announced today on behalf of Chris Bentley Minister of Training, Colleges and Universities.

“Our government is on the side of hard-working Kingston families who want their children to have every opportunity to pursue a postsecondary education. “That’s why we are helping our academic institutions build endowments that will support the financial and academic needs of students with these access-enhancing bursaries.”

The Ontario Trust for Student Support makes $50 million available every year to match private and corporate donations raised by colleges and universities to set up endowment funds. Investment income generated by these endowments will be used to fund bursaries for students who are in financial need.

In 2005-06, Queen’s University raised $1,811,387 in eligible cash donations, and the McGuinty government matched that amount with $1,811,387.  As a result, Queen’s was able to create permanent endowments of $3,622,774 for student bursaries.

St. Lawrence College was able to raise $345,976 in eligible cash donations, and the McGuinty government matched and increased their amount with $695,798. As a result
St. Lawrence was able to create permanent endowments of $1,041,774 for student bursaries.

“I congratulate both St. Lawrence and Queen’s on their fundraising efforts,” said Chris Bentley, Minister of Training, Colleges and Universities. “Together, we are making higher education more affordable and accessible, by increasing the number of bursaries available to college and university students.”

In 2005-06, the McGuinty government was able to provide more than $56 million in matching funds to Ontario colleges and universities. As a result, almost $100 million in new permanent endowments were created. At a five per cent rate of return, these endowments would generate $5 million annually, increasing the number of bursaries by 2,700 every year.

While all institutions qualify for dollar-for-dollar matching up to their fundraising ceilings, institutions that historically have faced fundraising challenges are eligible to receive enhanced, three-for-one dollar matching for up to three years under the plan.

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 five years – one of the most ambitious educational initiatives ever in Ontario. This includes $1.5 billion more for student financial aid.

The Ontario Trust for Student Support is just one way the McGuinty government is working to provide opportunity for Ontario’s youth. Other initiatives include:

• Creating 75,000 more opportunities in postsecondary education for qualified students
• Bringing back grants for students who need help the most: 60,000 students will benefit from Ontario Access Grants this coming year
• Guaranteeing that students will not incur more than $7000 in loans per completed academic year by paying off the excess amount with Ontario Student Opportunity Grants.

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For more information contact :
John Gerretsen, MPP
(613) 547-2609