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York University is Canada's third largest university and attracts students from more than 160 countries. Recognising the increasing financial barriers to higher education, HSBC Bank Canada is donating US$430,000 over five years to York University. Matching funds from the Ontario Student Opportunities Trust Fund have created a permanently endowed trust fund from which 10 students per year will be given one year's free tuition.
The launch of the fund was celebrated in 2005 with a 'Thanks a Million' event put on by York University students, one of whom expressed his gratitude as follows:
'Facing high tuition rates, many young people are forced to make the difficult choice between controlling their debt and getting the most out of their education. Thanks to the generosity of companies like HSBC, I was never given such an ultimatum. Not only was I able to continue putting my greatest efforts into pursuing my studies, I was also able to enrich my education with many extracurricular activities.'