Thank you, Mr. Chairman. On Bill 20, An Act to Amend the Student Financial Assistance Act, the Standing Committee on Finance reviewed this bill at its meeting this morning, November 9, 1994. The Minister of Education, Culture and Employment and his staff were available to answer questions at this morning's meeting.

Committee Members understand that this bill amends the schedule to the Student Financial Assistance Act to increase the maximum total amount of principal that may be outstanding for all loans under this act. The maximum total amount is currently $13 million. This amendment would increase the amount to $18 million.

Committee Members were informed that this increase is required for a number of reasons. There has been a significant increase in the number of students enrolled in post-secondary programs, and a corresponding increase in the number of students receiving loans. In addition, the number of students entering the assistance program exceeds the number exiting each year. Committee Members were informed that the cost to government of operating a student loan fund is the cost of remitting loans and writing off loans.

Recognizing the increasing demands on the resources of the department, the Minister has said that a comprehensive review of the student financial assistance program will be carried out by March 1995. Finance committee Members look forward to reviewing the results of this review.

During this morning's meeting of the Standing Committee on Finance, committee Members agreed to refer this bill to the House for consideration. This concludes the comments of the Standing Committee on Finance. Committee Members will have questions for the Minister when we proceed to the detail of the bill. Mahsi, Mr. Chairman.