As of today, February 20, the provincial government has eliminated interest on all BC student loans.
Announced as part of Budget 2019, post-secondary students will now have a significantly less student loan burden to deal with. All interest will be abolished from new and existing student loans.
The provincial government reportedly noticed that British Columbians graduating from post-secondary institutions were being saddled with too much debt.
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“People in B.C. struggled for too long because the old government made choices that helped the few at the top while everyone else fell further and further behind,” said Carole James, Minister of Finance.
It’s estimated that students will save an estimated $22 million in interest payments on their BC student loans in the next year alone.
According to Budget 2019 documents, “someone with $11,200 in provincial loans or $28,000 in combined combined federal and provincial loan debt will save approximately $2,300 in interest charges on their B.C. student loan over a 10-year repayment period”.
The BC Budget also includes new classrooms for 5,500 students and $191.4 million for new schools in growing communities.
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