A trio of Student Union’s in Prince George are banding together along with their provincial counterparts to try and support those struggling to pay off debt incurred from their post-secondary education.
As many Canadians continue to struggle financially through the pandemic, students are renewing their call for the federal government to eliminate interest on student loans to ease the burden of student loan debt.
This week, the three local Student Unions’ Northern BC Graduate Students’ Society (NBCGSS), the Northern Undergraduate Student Society (NUGSS), and the CNC Students’ Union (CNCSU) are working together along with the rest of the British Columbia Federation of Students to advocate and spread the word about the Knock Out Interest Campaign.
According to a news release, tuition fees across Canada have more than doubled in the past 20 years, and education-related expenses have increased dramatically. Over the same timeframe, student debt has increased 78%, reaching nearly $35,000 for a 4-year bachelor’s degree. Over a 10-year repayment period, this results in borrowers paying over $4,000 in interest.
“Uplifting those who need it is the basic requirement of equity in any form. All the young minds who aspire and work to achieve good education for their and the country’s better future deserve to get support from the government of the country. On the way to this path, some of them need to get loans for their higher education, and federal interest on these loans create a burden on contrary to support them.” Said Sharanjit Kaur, Chairperson of the CNCSU.
“Education is a right, not a privilege. Education should not be a financial burden students have to endure years after they finished their degree.” Said Jingyu Chen, President of Northern Undergraduate Student Society. These comments were followed up by a statement by Jared Nome, Vice President of NUGSS.
“The Campaign will allow students to repay their student loans faster, and allow them to contribute to the economy in much more productive ways through their future career choices.”
Reginald Ihekwaba, the Director of Community Development for NBCGSS, believes the elimination of interest on student loans is increasingly important not just because of current financial pressures faced by students due to the pandemic but also because it will increase access to education for students from low and middle-income families.
The Knock Out Interest campaign calling on the federal government to eliminate interest on student loans has been endorsed by 39 students’ unions representing 725,000 students across Canada.