B.C. ending interest on new and existing student loans
There’s good news for British Columbians still struggling to pay off their student loans in Tuesday’s provincial budget.
The government has announced it’s eliminating interest on all new and existing student loans to help people climb out of debt, effective immediately.
“Higher education should open doors, not make it harder to get ahead,” B.C. said in its budget plan.
“The typical undergraduate student finishes university with $11,200 in British Columbia student loan debt — and $28,000 when combined with federal student loan debt.”
Provincial loans will stop accumulating interest as of Tuesday, the government said.
By the province’s calculations, the move will save $2,300 in interest over 10 years for former students with $28,000 in combined provincial and federal loans.