September 5th, 2019
NDP PROMISES IMMEDIATE RELIEF FOR GRADUATES
WINNIPEG – The federal NDP has announced a plan to cancel the interest on all existing and future student loans.
Over the last four years, Trudeau’s Liberals have taken almost $3 billion from graduates in interest payments – profiting from skyrocketing student debt.
“Education is a right and we need government to recognize that,” said NDP MP and candidate Niki Ashton (Churchill—Keewatinook Aski). “Instead of cozying up to their rich pals like the Liberals and Conservatives, we must immediately eliminate interest on student loans as we move towards free post secondary education.”
Under the watch of Liberal and Conservative governments, the costs of post-secondary education have continued to rise – and the government has continued to profit from it. To make life better for students and families, the NDP commits to work towards free tuition. This will ensure an accessible post-secondary education for all, regardless of income.
“Everyone should have access to quality post-secondary education, regardless of social class,” said NDP candidate Leah Gazan (Winnipeg Centre).“I know too many people whose lives are crushed by student debt, stopping them to going forward in life. New Democrats are committed to a future where tuition is free and no one needs to take on debt to get an education.”
“Graduates shouldn’t be held back from starting their lives by crushing debt, ” added NDP MP and candidate Daniel Blaikie (Elmwood—Transcend). “Young people are being forced to put off buying a home or starting a family because they chose to get an education. It doesn’t have to be this way. An NDP government will bring immediate help for graduates so they can have a fresh start to a better life.”
- The NDP’s plan would immediately drop the interest rate on Canada Student Loans to 0%. This would apply to outstanding loans as well as new ones.
- Under the NDP’s plan, a graduate with a debt of $13,500 (average federal student debt) will save $3,400 over the lifetime of the loan.
- A graduate with a debt of $20,000 will save $5,000.
- The NDP’s New Deal for People also commits to moving from student loans to non-repayable grants, and to a future where post-secondary education is fully part of the public education system so kids can go from kindergarten to a career, without the barrier of cost.