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The End of Need‐Based Student  Financial Aid in Canada?   

Over the past two years, the financial system has been threatened by the failure or near failure of some of the largest and most interconnected financial firms. Our current system already has strong procedures and expertise for handling the failure of banks, but when a bank holding company or other nonbank financial firm is in severe distress, there are currently only two options: obtain outside capital or file for bankruptcy. During most economic climates, these are suitable options that will not impact greater financial stability. However, in stressed conditions it may prove difficult for distressed. | The End of Need-Based Student Financial Aid in Canada Prepared for Canadian Association of Student Financial Aid Administrators CASFAA By Educational Policy Institute Sean Junor and Alex Usher August 2007 The End of Need-Based Student Financial Aid in Canada About CASFAA The Canadian Association of Student Financial Aid Administrators CASFAA is a national professional association that represents financial aid administrators at Canada s universities colleges and technical institutes. As a professional association CASFAA serves as a liaison between our members and the federal government service providers financial institutions and various other stakeholders in student financial aid advocates on behalf of members by providing input on student financial assistance programs and policies and provides professional development opportunities for members including our annual conference. About the Educational Policy Institute The Educational Policy Institute is a non-profit research center focused in issues of educational opportunity especially for our most needy populations. Based in Virginia Beach with offices in Toronto and Melbourne EPI conducts program evaluation policy analysis and conducts professional development opportunities for educational professionals throughout the education continuum. Visit the EPI website at www.educationalpolicy.org. About the Authors SEAN JUNOR is the Manager of Knowledge Mobilization at the Educational Policy Institute. Prior to joining the Institute he was the Senior Policy and Research Officer for the Canada Millennium Scholarship Foundation. He is a native of Saskatoon Saskatchewan and a graduate of the University of Saskatchewan. sjunor@educationalpolicy.org ALEX USHER is the Vice-President of the Educational Policy Institute. Prior to joining the Institute he was the Director of Research and Program Development for the Canada Millennium Scholarship Foundation where he was in charge of Canada s largest-ever research project on access to