In order to assist graduates, the federal NDP is committing to cancelling up to $20,000 per person in federal student loan debt.
In a media release, New Democrats stated they presented their plan to help young people thrive instead of being buried in debt. The plan includes putting a moratorium on student loan payments, cancelling up to $20,000 per student of federal student loan debt and giving new graduates a five-year head start without having to repay any federal student loan, the release stated. While prime minister Justin Trudeau had to be forced to help students throughout the pandemic, the NDP has a plan that puts young people first, according to the release.
“Graduates from our communities are making student loan payments the size of mortgage payments,” stated North Island-Powell River MP Rachel Blaney. “They go off and finish school and then they’re saddled with crushing debt and can’t get ahead financially. This means it’s harder for them to plan for the future. They can’t buy a house or start a family or a business, and the pandemic has only made this worse. An education should help young people get ahead, not leave them further behind.”
The NDP reiterated its commitment to work with provinces and territories toward tuition-free post-secondary education and to reinstate the moratorium on student loan payments – cancelled in September by the Liberals – until the pandemic is over, the release stated. The NDP plan will also permanently remove interest on all federal student loans.
“Since Justin Trudeau has been prime minister, the Liberals have made over $4 billion off the backs of students in interest payments,” stated Courtenay-Alberni MP Gordon Johns. “Our economy won’t recover if young people have to pay hundreds of dollars in loan payments every month and another fortune to the federal government just in interest. New Democrats are committed to a future where tuition is free and where no one needs to take on debt to get an education.”
