Michael Ignatieff unveils $1-billion postsecondary aid plan for Canadian students

Under the program, the government would deliver $4,000 over four years to students who decide to attend university, college, or Cí‰GEP, says a news release.

The proposed Canadian Learning Passport initiative would also enable students from low-income households to receive $6,000 over four years.

The contributions would be made through the Registered Education Savings Plan system in annual increments of $1,000 when students are between the ages of 14-17.

In the case of students from low-income households, the annual contributions would be in $1,500 increments.

Matching funds would not be required from families.

The non-taxable, non-repayable funds would become available once the student starts attending an accredited postsecondary institution.

Reduced amounts of financial assistance would be available through the program to part-time students.

NDP Leader Jack Layton expressed skepticism about the plan, noting the key is to address the cost of postsecondary tuition fees, the Globe and Mail reports.

In a news release, the Conservative party raised questions about whether the program would make some students ineligible for Canada student loans and grants.

Ignatieff unveiled the proposal during a campaign event today (March 29) at Sheridan College in Oakville, Ontario.

The Liberal leader is scheduled to make another announcement at Langara College in Vancouver today at 4:15 p.m. He is also set to attend an event at a hotel in Richmond this evening.

You can follow Stephen Thomson on Twitter at twitter.com/thomsonstraight.