Polytechnics Canada welcomes launch of the Canada Apprentice Loan

VANCOUVER, Jan. 8, 2015 /CNW/ - Polytechnics Canada welcomes the launch by the Prime Minister and Minister Jason Kenney of the new Canada Apprentice Loan, announced today at the British Columbia Institute of Technology (BCIT) in Vancouver. BCIT, a founding member of Polytechnics Canada, provides the technical training to over 5,100 apprentices in 23 skilled trades programs each year. 

"Canada Apprentice Loans will enable more apprentices to pursue the next level of their technical training at so many training institutions and organizations in Canada, including at member colleges and polytechnic schools of Polytechnics Canada. These loans, complemented by many other supports the government has opened for trades trainees across Canada, will help to ease the risk faced by apprentices who have to resign from jobs to gain the next level of training and certification in their trade," said Nobina Robinson, Chief Executive Officer of Polytechnics Canada.

The federal government's 2014 Budget committed to provide apprentices registered in Red Seal trades with access to over $100 million in interest-free loans each year. The Canada Apprentice Loan will assist more apprentices in completing their training and encourage more Canadians to consider a career in the skilled trades. Apprentices registered in a Red Seal trade apprenticeship will be able to apply for interest-free loans of up to $4,000 per period of technical training. Interest charges and repayment of the Canada Apprentice Loan will not begin until after loan recipients complete or terminate their apprenticeship training programs. Today's announcement signals the launch of the new program.

As the lead proponent for this new initiative, Polytechnics Canada knows that this new funding will help alleviate the financial burden faced by apprentices when they have to return to the classroom while maintaining all their monthly payments and financial obligations. "We heartily endorse the objective of the Canada Apprentice Loan to help more trades trainees complete their apprenticeship and become certified journey persons.  The new Loan shows that the Government of Canada places equal value on vocational education and training, alongside Canadian university and college education," added Robinson.

Polytechnics Canada is the voice of leading research-intensive, publicly funded colleges and institutes of technology. We are dedicated to helping colleges and industry create jobs for tomorrow through the innovation and talent of our students and graduates. Last year, Polytechnics Canada's member institutions provided the technical training for over 40,000 apprentices in over 200 programs.

Located in Canada's key economic regions, the 11 member colleges and institutes of Polytechnics Canada are: British Columbia Institute of Technology (BCIT), Northern Alberta Institute of Technology (NAIT), SAIT Polytechnic, Saskatchewan Polytechnic, Red River College, Conestoga Institute of Technology and Advanced Learning, Sheridan Institute of Technology and Advanced Learning, Humber College Institute of Technology and Advanced Learning, George Brown College, Seneca College, and Algonquin College of Applied Arts and Technology.

SOURCE Polytechnics Canada

Ken Doyle, Director of Policy, Polytechnics Canada, Tel: [phone], Email: [email protected]