REF NO.: 208
Memorial University welcomes the elimination of student loan interest payments announced today by the Government of Newfoundland and Labrador.
Graduates and students carrying debt loads incurred while pursuing post-secondary education will no longer pay interest on their loans.
“We applaud this initiative,” said Dr. Chris Loomis, Memorial’s president, pro tempore. “This addresses the very real problem of student debt and will make university education much more affordable in the long run.”
The elimination of interest will be automatic, with no action required on the part of individuals to access the benefit, according to the provincial government’s news release. With interest eliminated, individuals in repayment can see a savings of up to $1,800 over the life of their provincial student loan. Approximately 49,000 people who are currently paying off their loans will benefit from the initiative.
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