Burnaby, BC —
Changes are coming to the student loan program in BC, with a commitment today to lower the interest rate charged on the provincial portion of the loans. Starting August 1, the current floating rate of prime plus 2.5% will be reduced to prime.
Currently, BC students pay the highest student loan interest rates in Canada, but this new measure is expected to save them $11-million this year and approximately $17-million per year moving forward.
This news comes as the BCIT Student Association continues to advocate for interest-free student loans, working alongside partner Student Associations and the Ministry of Advanced Education toward this goal. The SA believes there is more work to be done, but External Advocate Sameer Ismail sees this as a great first step in an ongoing effort to further the Association’s goals.
“Metro Vancouver is already one of the most expensive places to live,” says Ismail. “The fact that were moving away from the highest interest rate on student loans in the country, is only going to make life a little bit easier for our students and graduates at BCIT.”
