Thank you very much, Mr. Speaker. Mr. Speaker, I'd like to take this opportunity to thank my colleagues for talking about our students, the importance of education, and also this Assembly's priority on building a strong economic foundation for our whole territory.
Mr. Speaker, changes were made to the Student Financial Assistance Program in 2023-2024, including increases to the benefit rates for remissible loans. ECE is analyzing the impacts of the changes, including impacts to the SFA loan limits, which is expected to be completed at the end of the 2024-2025 academic year.
Mr. Speaker, while I agree with the MLA that the student loan limit may require an increase, the analysis still needs to be done to determine the appropriate level of increase required. There may also be legislative impacts beyond the student loan limit itself, notably, the legislated $45 million SFA revolving loan fund also needs to be reviewed, and we need to assess potential regulatory changes pertaining to repayment terms as well, Mr. Speaker. I look forward to working with the Member to ensure changes to the SFA legislation account for all potential impacts and that the program meets the needs of the students, including the financial burden loans may place on them as well as accounting for public funds.
Mr. Speaker, as work is required to investigate the revolving loan fund and potential impacts, and since this is beyond what is proposed in the Private Member's bill, Cabinet will abstain from the vote for this motion. Thank you, Mr. Speaker.