Interest on Provincial Student Loans Eliminated
The provincial government is following through on its commitment to eliminate interest on the provincial portion of New Brunswick student loans as of Nov. 1. Interest accrued before this date remains payable.
“Eliminating the interest on student loans is something student representatives have asked for, and it has always been our intention to do so,” said Post-Secondary Education, Training and Labour Minister Trevor Holder. ‟In 2020, we began helping students by lowering the interest rate. Now I am proud to say that we are at a point where we can completely eliminate it. This will make post-secondary education more attractive by reducing the borrowing costs for students.”
The initiative will benefit 65,000 existing borrowers, as well as future post-secondary students in the province.
A borrower repaying a loan of $15,000 over 10 years will save about $4,500. These estimates are based on the latest interest rates set by the Bank of Canada.
There are several supports and services to help students with the costs of their post-secondary studies. These include federal and provincial grants, bursaries, loans and the Repayment Assistance Program.
Students in need of financial support can find more information online. With one application, they will be considered for all programs offered by the provincial and federal governments.