All PEI provincial student loans which have been issued since January 1, 2001 will be interest-free, effective October 1 of this year. The announcement was made this morning in the outdoor amphitheater at Holland College in Charlottetown.
Those in attendance all applauded the announcement which sees the Liberal government coming good on a promise that was made in the last provincial election – to ease the burden of debt for Island students.
As of today, there are roughly 2,600 student loans that this new 0% interest policy will apply to, so it’s a happy day in PEI.
“We are investing into the full lifespan of our students – early years learning, kindergarten to high school, and post-secondary learning,” said Premier Ghiz. He added, “Education is the best investment for the future of Prince Edward Island. I hope that this program will encourage more Prince Edward Island students to attend post-secondary education and training.”
To put this into perspective, here’s a bit of math to ponder. The average PEI provincial student loan is $5,000 per year. For a student borrowing $5,000 per year for four years, this 0% interest policy will let them keep roughly $1,000 in their pockets.
Until now, Newfoundland has been the only other province offering 0% student loans.
Thanks Premier Ghiz!
What do you think of this news?