Ontario is freezing tuition rates at post-secondary institutions for two years, the province announced Thursday.

The Liberal government said it will give universities and colleges an additional $48.1 million this year to offset the loss of revenue as a result of the cap.

''Understand that this is primarily a symbolic move on the part of our government,'' Colleges and Universities Minister Mary Anne Chambers said.

''This relief is long overdue for our students after more than a decade of huge increases in tuition fees.''

Colleges and universities have said they together expect to lose net income of roughly $58 million in the first year of the freeze.

Chambers did not announce funding for the second year of the freeze, saying it would be "presumptuous" without first going through a review process.

Rick Telfer, the Ontario representative of the Canadian Federation of Students, praised the announcement as a "historic" step.

''Tuition fees haven't been frozen in this province for decades. This is a big, courageous step forward for this new government.''