I am pleased to introduce Bill 1, An Act to Amend the Student Financial Assistance Act. The purpose of this legislation is to raise the maximum aggregate of the principal amounts of all student loans that may be made by the Government of the Northwest Territories.

The maximum aggregate principal amount of student loans that the government may lend under the Student Financial Assistance Act is currently set at $36 million. The amendment proposes to increase this amount to $40 million for the fiscal year 2012-2013 and thereafter. This change is required to allow the Department of Education, Culture and Employment to continue providing student financial assistance at current benefit levels.

We trust that members of the committee will agree that this amendment is appropriate and necessary.

I would be pleased to answer any questions the members of the committee may have.