ON to limit debt, extend repayment timelines of Everest students

March 2, 2015

The Ontario Ministry of Training, Colleges and Universities (MTCU) has announced that it will limit the debt of students affected by the closure of Everest College, as well as extend repayment timelines for students' Ontario Student Assistance Program (OSAP) loans. MTCU says that as a result of this decision, no Everest student will face an OSAP debt of greater than $7,300 for the past 2-year term, or $10,950 for a 3-year term, regardless of the amount they borrowed. MTCU is still exploring ways to help students complete their education. "We are working to ensure that affected students will not need to restart their learning. There is a process in place to ensure that prior training received by students at Everest will be recognized towards the completion of their credentials," Minister Reza Moridi said. Several institutions, including Georgian College, Centennial College, Cambrian College, and triOS College have offered support to displaced Everest Students. Windsor Star | Cambrian News Release | triOS News Release

Postscript: March 12, 2015

Ontario has announced that it will provide up to $7.6 M in financial assistance for students affected by the closure of Everest College. This amount is in addition to a $3 M Training Completion Assurance Fund posted by Everest. Ontario previously announced that it would limit the debt of eligible Everest students. In a news release, the province added that it had reviewed the files of close to 2,700 former Everest students to assess options for training completion or a refund and that so far training options had been identified for 86% of affected students. ON's Ministry of Training, Colleges and Universities (MTCU) has signed 11 agreements with training completion providers to allow students to continue their studies. Serge Buy, CEO of the National Association of Career Colleges (NACC), welcomed the announcement. "We're pleased to see that students will be able to receive the support needed to finish their training," he said. ON News Release | Joint NACC and Career Colleges Ontario News ReleaseToronto Star