Student Loan Rules Change Today

Prince George, BC, Canada / CKPG News
Student Loan Rules Change Today

Announced during the budget, changes to the Student Loans program take effect today. Students who have graduated with a student loan will have to earn a minimum of $25,000 before they have to start repaying that loan. The previous threshold was just over $20,000.
“It’s a good step in a positive direction,” says Harman Dandiwal with CNC’s Students’ Union. “But it’s not enough. $25,000 is not a lot.”
He does praise the federal government for changes to the granting program: from $2,000 to $3,000 per year for full-time students from low-income families, from $800 to $1,200 per year for students from middle-income families and from $1,200 to $1,800 per year for part-time students from low-income families.
Dandiwal says, in the coming election, the provincial students’ representative will begin lobbying for a provincial granting pogram to bve returned. It was scrubbed in 2014. It will also be pushing for the elimination of interest on student loans. Currently, BC has the highest interest rates, at prime plus five percent. Under these terms, interest charged on a student loan of $25,000 adds an additional $7,000 to $10,500 during repayment.

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