LETTER – North Island College Students’ Union calls for elimination of interest on student loans – North Island Gazette


LETTER – North Island College Students Union Calls for Elimination of Interest on Student Loans

Mr. Editor,

During this pandemic, it is important to remember that people, not businesses, are the engine of Canada’s economic recovery.

People form the social fabric that has kept communities, provinces and countries through difficult times. COVID-19 has provided us with a unique opportunity to take stock of what’s important and collectively reimagine what a people-centered Canada looks like.

Educated people are essential to our economic recovery. Eliminating interest on federal student loans is an investment in people and in our collective success, on which our economic recovery depends. People are retraining because of job losses; young people try to improve themselves through education, and the interest charged on student loans punishes those who cannot afford to prepay for their education. On average, a student who needs a loan will pay $ 5,000 in interest. This money could be reinvested in the places where graduates live and work – pay their bills, rent, shop for groceries and support local families and businesses, instead of adding another layer of debt to middle-income families. and weak.

It is time for the Trudeau government to make a real investment in educating people by eliminating interest on student loans. Five provinces have already done this, including British Columbia, but the federal portion of a loan is typically 60% of a student loan, which means the majority of the loan is still taxed. People need access to education more than ever, so what is the Trudeau government waiting for?

Carissa Wilson, Rebecca Lennox, Emma Warren, Ariella Waddell

North Island College Students Union

Letter to the editor

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