Post-secondary students and grads owing thousands of dollars in student loans now have a bit of reprieve, with the B.C. government eliminating interest charges, effective immediately.
Finance Minister Carole James announced $318 million during the latest budget this week, saying the province anticipates students relying on loans will save a total of $22 million in interest payments per year.
Jordan Sawchuk, a biology student at Okanagan College in Kelowna, said money otherwise used for the interest rate will make all the difference once he graduates.
香蕉视频直播淚t香蕉视频直播檚 going to be a lot less stress once I get out of school to rush into a job. If the market香蕉视频直播檚 a little bit tough, it香蕉视频直播檚 going to be a lot of pressure off of me,香蕉视频直播� he said.
WATCH:
香蕉视频直播淭here香蕉视频直播檚 absolutely more that can be done to ease the financial burden香蕉视频直播� Textbook prices are already high, but it香蕉视频直播檚 a step.香蕉视频直播�
James Bahnke, a computer science student at the College, said it香蕉视频直播檚 better than nothing.
香蕉视频直播淛ust more money in your pocket down the road. You look at other countries and it香蕉视频直播檚 terrible. I thought already it香蕉视频直播檚 pretty good.香蕉视频直播�
Provincial student loans had been charged at the prime interest rate, roughly 4.5 per cent. The government estimates the average student owes $11,200 in debt upon graduation, on top of $17,000 in federal loan debt.
Going forward, students will pay roughly $2,300 less in their overall debt, based on a 10-year repayment period.
香蕉视频直播淩epaying student loans should not force people to put their lives on hold,香蕉视频直播� said Noah Berson chair of the Alliance of B.C. Students, which lobbied for the change. 香蕉视频直播淎fter graduation, the focus should [be on] starting your life, saving to buy a home and having children, not being chained to student loan payments.香蕉视频直播�
ashley.wadhwani@bpdigital.ca
Like us on and follow us on .
