Canada Apprentice Loan program, introduced in 2014 Federal Budget and long advocated for by Polytechnics Canada, will provide apprentices with an additional form of financial support in the form of interest free loans during their training.
(Ottawa, January 9, 2015) Hundreds of Algonquin College current and future apprentices could benefit from a new federal loan program, which is now open to Red Seal Trade apprentices.
The Canada Apprentice Loan program, a 10-year program announced in the 2014 federal budget, is designed to assist apprentices in completing their training, and to encourage more Canadians to consider a career in the skilled trades.
The program offers assistance of up to $4,000 to apprentices for a maximum of five periods of technical training. These loans are interest-free for up to six years, provided the apprentice is registered in an approved Red Seal Trade apprenticeship program.
The loans are intended to defray program costs, including educational fees, tools and equipment, living expenses and forgone wages.
“We believe this new program will make apprentices at all postsecondary institutions more successful in their studies,” says Cheryl Jensen, President, Algonquin College. “This program will help alleviate the financial worries faced by apprentices who step away from work to upgrade their skills. We applaud the government for recognizing the importance of supporting those pursuing a hands-on career in the skilled trades at polytechnic institutions like Algonquin College.”
“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,” says Nobina Robinson, Chief Executive Officer 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.”
For more information on the Canada Apprentice Loan program, visit www.pca-cal.ca.
-30-
For more information, please contact:
Phil Gaudreau
Communications Officer, Algonquin College
Phone: 613-727-4623 ext 2091
Email: gaudrep@algonquincollege.com
Email preferred
Ken Doyle
Director of Policy, Polytechnics Canada
Phone: 613-688-0690
Email: kdoyle@polytechnicscanada.ca
About Algonquin College – www.algonquincollege.com:
The mission of Algonquin College of Applied Arts and Technology is to transform hopes and dreams into skills and knowledge, leading to lifelong career success. Algonquin College does this by offering hands-on, digitally connected applied learning in over 185 programs. Based in Canada’s capital, the Ottawa Valley, and Saudi Arabia, Algonquin College is the largest polytechnic institute in Eastern Ontario with 18,000 full-time and 37,000 part-time and online registrants.
About Polytechnics Canada – www.polytechnicscanada.ca
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. Algonquin College is one of 11 Polytechnics Canada members.