Life is increasingly unaffordable.

The ever-climbing prices of necessities like rent and groceries is hard on anyone, let alone students. Many Canadians can not afford the high price of post-secondary education upfront, which means they are forced to take out a student loan. Unfortunately, taking out this loan means that these students will pay more for their education than their peers who could afford it upfront.

Canadians with student loans pay an average of $5000 in student loan interest. Remember, that’s on top of the amount of the loan. Many provinces, including British Columbia, have already eliminated these unfair charges from provincial student loans.

The federal government can follow their lead and do the same with federal loans. Join us in asking Prime Minister Trudeau to knock out interest on student loans!

  • Interest on student loans is bad for the economy

    The people who take on student loans are among the most eager to participate in the economy, and yet burdening them with interest prevents them from doing so. There are countless articles and surveys which indicate that recent grads are delaying major life decisions and purchases, such as getting married and buying a house.

    It’s important to remember that education is an investment for both the student and the society. A 2012 study shows that British Columbians with university education paid more in income taxes, and required significantly less government aid through their lifetime than their counterparts who didn’t attend university. All across Canada, individuals with a degree earn an average of 63% more than those without. The government will see a clear financial return by investing in the education of low and middle income families.

  • Didn’t the government already eliminate interest?

    The government of British Columbia has committed to eliminating interest on provincial student loans. This is, in part, thanks to campaigns just like this one!

    A student loan comes from both levels of government. The federal amount is typically 60%, and the provincial portion 40%, which means that you are still paying interest on the majority of your loan.

    The goal of this campaign is to eliminate interest on the federal portion of student loans.

  • Doesn’t this just encourage students to not pay back their loan?

    Short answer, no. Many other industries offer 0% financing, and people still pay back their loans. If you can buy a car on a payment plan with no interest, why can’t the same apply your education?

Will speaking out really make a difference?

Yes! Student loans affect hundreds of thousands of Canadians all across the country. It’s not just students that are affected by the burden; it also affects grads and others in the workforce who are struggling to pay off their loans.

If we all speak out together, our voices become that much louder. Together we can make politicians aware of what’s important to the people they represent.

Furthermore, it’s thanks to people like you participating in campaigns like this, that the provincial portion of student loans is interest-free in BC. People just like you shared their voices, and they were heard. So we know from experience that it works!

Don’t forget to share the campaign on your social media! We also encourage you to contact us to get involved with on-campus campaign work.

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