Jagmeet Singh says he will cancel the interest on all existing and future student loans.
“Young people, just starting out, deserve a shot to get ahead and build their best life. We need to make sure that cost is never a barrier to education, and we can give those who recently left school relief from the struggle to make ends meet,” said Singh.
“It’s wrong for the government to be profiting off the backs of students and grads. That’s why I will eliminate all interest on federal student loans — both outstanding loans, and going forward.”
Jagmeet said over the last four year the Liberals have taken almost $3 billion from graduates in interest payments – profiting from skyrocketing student debt.
“Young people deserve to graduate with hope for a better future, not a crushing debt load,” said Singh. “They shouldn’t have to live with their parents because of student debt. They shouldn’t be trapped working hard and not getting by. And they shouldn’t have to put off starting their own family because of student debt. But that’s what’s happening now.
Eliminating the interest on student loans is a simple first step to make it easier to build a good life, he said.
Singh was joined by Andrew Cash, NDP candidate for Davenport, at a roundtable with young people to discuss the challenges faced by new graduates.
In February this year, BC announced that students will no longer have to pay interest on their provincial student loan. Manitoba, Newfoundland and Labrador, Prince Edward Island and Nova Scotia have also taken similar decisions.