Nathan Denette / THE CANADIAN PRESS

The Ontario government says it wants to simplify the complicated student aid system by ending education tax credits and focusing instead on giving grants to students who need them.

Under the new Ontario Student Grant, students from families making $50,000 or less will be eligible for grants covering the average cost of postsecondary tuition. In fact, 90% of college students and 70% of university students will actually receive more than the average cost of tuition.

"Mr. Speaker, it gives us great pleasure to announce that these students will have no provincial student debt," Finance Minister Charles Sousa said in the provincial parliament on Thursday.