Ontario’s colleges and universities are getting almost $1.3 billion in new funding from the provincial government while maintaining a tuition fee freeze.
Details were released on Monday afternoon.
Here is a breakdown of how the money will be spent:
-$903 million over three years through the new Postsecondary Education Sustainability Fund starting in 2024-25, including $203 million in funding for top-ups for institutions with greater financial need.
-$167.4 million over three years in additional funding for capital repairs and equipment.
-$10 million in additional one-time funding through the Small, Northern and Rural Grant for colleges and Northern Ontario Grant for Universities in 2024-25. This funding will support financially vulnerable institutions while the government works with them on efficiency initiatives.
-$15 million over three years beginning in 2024-25 through the Efficiency and Accountability Fund to support third-party reviews that will identify actions institutions can take to drive long-term cost savings and positive outcomes for students and communities. These reviews will target structural issues as well as operational policies in order to improve sustainability and student experiences.
-$100 million in 2023-24 to support STEM program costs at publicly assisted colleges and universities with enrolments above currently funded levels.
-$65.4 million to support research and innovation, including $47.4 million for the infrastructure refresh of Ontario’s Advanced Research Computing systems and $18 million for their ongoing operations and maintenance.
-$23 million to enhance mental health supports, including $8 million for the Postsecondary Mental Health Action Plan over the three years.
“It’s never been more important to keep costs down for students and parents,” said Jill Dunlop, Minister of Colleges and Universities. “Instead of burdening hard-working families with higher tuition, we’re making historic investments to stabilize colleges and universities. We’re taking action to make fees more transparent. We’re supporting student mental health, fostering safer campuses and preparing students for rewarding careers.”
The province is also introducing the Strengthening Accountability and Student Supports Act, 2024 that would, if passed, authorize the Minister to issue directives requiring colleges and universities to provide information about ancillary fees and other students costs, including costs for textbooks or other learning materials.
The act would also require colleges and universities to have policies in place relating to mental health and wellness supports and services and require colleges and universities to have policies in place to combat racism and hate, including but not limited to antisemitism and Islamophobia.
