New Brunswick to get rid of interest on provincial student loans – New Brunswick

New Brunswick is eliminating the provincial portion of its student loans starting Tuesday.

However, interest accrued before that date still has to be paid.

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Graduates seek extension to freeze federal student loan payments

The change will benefit 65,000 current borrowers, as well as future post-secondary students in the province, according to the province.

“The elimination of interest on student loans is something that student representatives have called for, and we have always intended to do so,” said the Minister of Post-Secondary Education, Training and Labor, Trevor Holder, in a statement.

“In 2020, we started helping students by lowering the interest rate. Now, I’m proud to say we’re at a point where we can completely eliminate it.

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The province estimates that a borrower who pays off a $15,000 loan over 10 years will save about $4,500, according to the latest interest rates set by the Bank of Canada.

Students who want more information about financial support can apply online. With one application, they will be considered for all programs offered by the provincial and federal governments.

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