By GWYDION MORRIS Special to the Truro Daily News
TRURO- More students will be attracted to post-secondary education after the provincial government eliminated the interest on student loans, said the president of the Nova Scotia Community College (NSCC) Student Association.
Kate McClafferty said students who thought they weren’t able to afford or weren’t eligible for a student loan will be more likely to attend NSCC or another school now.
She said when it comes to education, every little bit helps and this move will help students immensely.
“I hope it helps people get the education they want,” she said. “This is a step in the right direction.”
The average student who has a student loan at NSCC taking a three-year course, leaves with a debt of about $10,000 said McClafferty. She said because they no longer have to pay interest on that loan, they’ll save about $1,400 over the lifetime of the loan.
"Eliminating the interest on provincial loans was our commitment from day
one, and we're keeping our promise to students," said Labour and Advanced
Education Minister Kelly Regan in a news release.
Regan said the elimination of interest would provide some relief to students who may be worrying about the cost of their schooling as they build their lives in Nova Scotia.
"We know that every dollar counts when graduates are beginning their careers."
The province will invest $1.6 million into this program annually, said Regan.
“We’re working to better support students and graduates, they’re the future of this province.”
Students will have greater peace of mind, said Students Nova Scotia executive director Jonathan Williams, also in a news release. The financial burden on students won’t be so great after they’ve graduated.
“We’re happy to see that the government has been listening to students and will eliminate interest on student loans,” said Williams.