Thank you, Mr. Speaker. I move, seconded by the honourable Member for the Sahtu, that Bill 8, An Act to Amend the Student Financial Assistance Act, be read for the third time. And, Mr. Speaker, I request a recorded vote. Thank you.
Thank you. To the motion. Member from Kam Lake.
Thank you, Mr. Speaker. Mr. Speaker, I'd like to begin by thanking the Member for Yellowknife Centre for advancing Bill 8. This Private Member's bill reflects a commitment to students across the Northwest Territories and helps respond to the evolving financial pressures they face. I commend the Member for this initiative on this issue and for championing a cause that matters to students.
Bill 8 proposes to raise the maximum amount of loans that can be made to one person under the Student Financial Assistance Act from the current limit of $60,000 to $90,000. The Department of Education, Culture and Employment analyzed data from a review of the student financial assistance program to determine whether increasing the loan limit would actually provide needed supports for some students.
The analysis showed that while most SFA recipients can complete their studies within the current loan limit, students with more than two dependants would need a higher loan limit to complete a four-year program with remissible loans. For example, the average student with up to five dependants would need a loan limit of almost $90,000 to complete a four-year program.
Informed by this analysis, I am pleased to say that Cabinet is prepared to support Bill 8. This change will empower more students, especially those with dependants or those pursuing longer more specialized degrees, to complete their studies and return to the North where they can contribute to our workforce and our communities. Allowing more students to access the financial resources they need to pursue post-secondary education is consistent with this Legislative Assembly's priority to build a strong economic foundation.
The department has studied the impacts of increasing the loan limit and acknowledges that implementing this change will take some time. The department is committed to working diligently to update our documents and to contact students about the change as quickly as possible. We ask for students' patience as we carry out this very important work to serve them.
The department is also considering how this change will impact the overall limit on the student revolving loan fund. Currently, the fund has a maximum aggregate balance of $45 billion with $40.8 million already outstanding. As we move forward, we will need to evaluate the need for further adjustments to ensure the sustainability of the fund.
In closing, I want to thank the Member again for bringing forward this Private Member's bill. These changes will further strengthen our student financial assistance program, one of our most effective programs built by Northerners for Northerners. Thank you, Mr. Speaker.
Thank you, Minister of Education, Culture and Employment. To the motion. Member for Monfwi.
Thank you, Mr. Speaker. Mr. Speaker, I will support this bill with the recommendation made to improve the education outcome in small -- for the Indigenous students in small communities. Increasing the student loans from 60 to $90,000 is a strong indicaftion that non-Indigenous are using the student loans more. That's why we're here now. But, Mr. Speaker, there are so many reports out there, going back as far as the Royal Commission Report on Aboriginal People, the Auditor General's report on education, Truth and Reconciliations, MMIWG, etcetera -- there's a lot of reports out there -- that says in order for the Indigenous students to advance, they need to improve -- the government needs to improve the education outcome. And just the same as what MLA Yellowknife Centre has said yesterday, we would like to see that too for our Indigenous students. We would like to see more our Indigenous students advancing themselves by attending post-secondary education to take Master's programs, PhDs, and undergrad, other professional fields, but we don't have too many of those in our small communities. So with that in mind, I will support this motion at this time with the recommendations made to improve the education outcome for Indigenous students in small communities. Thank you.
Thank you, Member for Monfwi. To the motion. Member from Range Lake -- or Yellowknife Centre. Let's try that again, Member from Yellowknife Centre.
Thank you, Mr. Speaker. I was hoping to go last but I'll go any time you call upon me. That said, I just wanted to use the opportunity to thank everyone for being involved in this process. Again, I want to acknowledge the Thomas family for their advocacy. It is a grassroots initiative brought to the Assembly. This is to hopefully help many students bring more education to the North and can help empower people, and that's -- you know, it's an exciting process to feel that you're helping energize young people and get them into, you know, creating the future for all of us. So, Mr. Speaker, I won't take up a lot of time. I've already spoken on this a few occasions. And I think all kids of this initiative will be blessed.
And lastly, I want to stress I do appreciate the Member from Monfwi. And I know she has qualified support, which I respect, and I -- and I'm grateful, as I said yesterday, that I would do my advocacy as well to help support the initiative education issue as well, and I sincerely mean that. And I don't know if that was the difference of having her consider the option proposal, but I certainly meant what I said which was I would help her on her fight to help raise standards of living, quality of education, and outcomes for Indigenous communities and their citizens as well. So, again, thank you to all Members. Thank you, Mr. Speaker.
Thank you, Member from Yellowknife Centre. To the motion.
Question.
