N.L. gov’t eliminates interest on all provincial student loans

Loans will be paid off earlier, saving students up to $1,800

At midnight tonight Newfoundland and Labrador will eliminate the interest on all provincial student loans.

Education Minister Darin King says his province is the first in Canada to take such action to help students reduce debt.

King says government’s plan to ensure quality, affordability and accessibility across the system is yielding results.

He says students are getting the highest quality education, but don’t have to break the bank to do so.

The elimination of interest is automatic, with no requirement for individuals to make calls or complete forms.

There will be no change in the monthly payment schedule, but the loans will be paid off earlier saving individual students up to $1,800.

– The Canadian Press