Thumbs up for student loan repayment change
Halifax, N.S. – Today, Students Nova Scotia was pleased to welcome a new loan repayment threshold for graduates that are struggling to repay student debt. Students currently begin paying back student loans when they earn $20,000 a year. As of November 1st, students will not begin repayment on these loans until earning $25,000 a year.
“We feel the government is taking steps in the right direction,” commented Collette Robert, Chair of StudentsNS, “Increasing the loan repayment limit from $20,000 to $25,000 was an ask StudentsNS requested in the past, and we’re proud of this progress as a Province.”
While this will positively impact graduates that are making the transition from post-secondary education to their next steps, there are still many barriers to education being affordable for current students, and supporting graduates when they are beginning their careers. “Of course, there is always more that can be done to support students and young graduates,” said Sophie Helpard, Executive Director of StudentsNS, “Graduates in Nova Scotia face many challenges but we are happy to hear that Nova Scotia is being proactive in giving more financial assistance to students who need it most.”
This change reflects an identical policy that was implemented by the federal government in March. With students paying back portions of loans to both governments, this change to the Repayment Assistance Plan in Nova Scotia makes the repayment process more consistent and fair for those overwhelmed by debt.
For more information, please contact:
Sophie Helpard, Executive Director
Phone: 905 714 5455
Collette Robert, Chair of StudentsNS
Students Nova Scotia is a not-for-profit and non-partisan advocacy and research group that represents post-secondary students from across Nova Scotia. Our members include Acadia, Cape Breton, Saint Mary’s, and St. Francis Xavier Universities, and the Kingstec and Annapolis Valley Campuses of the Nova Scotia Community College.