PROVINCE BOOSTS FUNDING FOR MANITOBA SCHOLARSHIP AND BURSARY INITIATIVE
– – – Additional Funding Available for Students In Need of Financial Assistance: Wishart
New funding and changes to the Manitoba Scholarship and Bursary Initiative (MSBI) will provide additional support directly to post-secondary students, Education and Training Minister Ian Wishart announced today.
“We are giving more students the support they need to successfully complete their studies at Manitoba post-secondary institutions,” said Wishart. “New investments from the Manitoba government, the private sector and the province’s post-secondary institutions are making Manitoba a better place for students from all walks of life to study.”
In addition to increased provincial funding totalling $6.75 million for 2017-18, a change in the matching formula will result in up to $20 million in scholarships and bursaries going directly to students each year, with the province now matching one-third of funding raised by post-secondary institutions through private donors. Beginning this year, all funds must be provided directly to students, rather than invested in endowments, the minister said.
As part of the changes being implemented for 2017-18, the University of Manitoba will receive an increase of $700,000 in MSBI funding, for a total of over $2.76 million annually, Wishart said.
“As the largest post-secondary institution in Manitoba, the University of Manitoba welcomes this increase in funds allocated for the MSBI by the province,” said David Barnard, president and vice-chancellor, University of Manitoba. “More students will be able to achieve their goal of attending university, through financial assistance facilitated by the generous support of our government and private donors.”
The University of Manitoba Students’ Union (UMSU) will also receive an increase of $164,000 in annual funding through its partnership with the University of Manitoba, and will also now be given a direct role in supporting students through targeted scholarship and bursaries. Under this enhanced initiative, UMSU will receive more than $682,000 per year to provide directly to students in need of financial assistance.
In addition, the minister announced the Initiative will be expanded to incorporate five new institutions including:
Manitoba Institute of Trades and Technology;
Canadian Mennonite University;
Booth University College (Booth);
Providence University College (Providence); and
Steinbach Bible College.
Until now, only students from the University of Manitoba, the University of Winnipeg, Brandon University, Red River College, Assiniboine Community College, the University College of the North and Université de Saint Boniface have been eligible for bursaries through the initiative.
The MSBI encourages private donations for bursaries and scholarships by providing matching funds. These funds are used to provide bursaries and scholarships to students with financial need at the participating institutions.
“Working together, we can capture the generosity of Manitobans and build a brighter future not only for post-secondary students, but for our province as a whole,” said Wishart.
The minister noted that post-secondary institutions, student representatives and private-sector stakeholders were consulted over the past months to ensure these changes would be successfully implemented.