In case you missed it, the BC government has eliminated provincial interest on student loans moving forward. The announcement was made during the Budget 2019 plan earlier this week. This plan addressed an array of topics, including benefits for youth, affordable living, eco-friendly living, and reducing taxes for business. A hot topic that has since been discussed widely by many Canadian millennials is the elimination of interest on student loan debt in BC. Of course, a majority of people are ecstatic by this and are taking to the internet to celebrate this massive win.
Budget 2019 aimed to make a “historic investment in people” and it already has by removing interest on student loans. The interest eliminated will be on the provincial component of their loans, students will still have to pay the federal component; regardless, university students are still excited about this financial relief.
According to the Budget 2019 document, families that are starting out need some relief as people in their twenties and thirties can never imagine owning a home. “Higher education should open doors, not make it harder to get ahead,” writes Budget 2019. The typical undergraduate student finishes university with $11,200 in BC student loan debt. When combined with federal student loan debt, that number rises to $28,000.
It made my day to hear that BC has eliminated interest on provincial student loans, effective immediately. This decision will help students save thousands, allowing them to focus more on learning and growing. #BCBudget— SFU Beedie Dean (@SFUBeedieDean) February 20, 2019
As of February 19, 2019, accumulation of student loan interest will cease to exist in BC. This means that everyone who is working to pay off their student loans will get immediate relief.
This is huge, and people are freaking out. A debt free life may be possible after all! According to Budget 2019, someone with $28,000 combined federal and provincial debt will save around $2,300 in interest charges over a 10 year period. I don't know about you, but that's enough to make me happy!
This will be made possible through a $318 million investment over four years beginning in 2018/2019. According to the Budget 2019 document, borrowers will collectively save an estimated $22 million in interest payments on these loans in 2019/2020!
People have been taking over Twitter to express their gratitude to their provincial government. Now, opportunities like owning a home, starting a family, and traveling have become foreseeable to many.
Other millennials around Canada are so jealous, some students across Canada are tweeting about how they're considering moving here for the new changes to student loans in BC.
No interest on student loans in BC & no Doug Ford? I’m moving pic.twitter.com/ohvweoV7rh— T (@taaas_) February 20, 2019
How do I transfer my Alberta Student Loan to BC? @ralphklein— Travis’ friend (@hebchron69420) February 20, 2019
BC eliminated interest on the provincial portion of student loans.— Jade Dumoulin (@jade_dumoulin) February 20, 2019
Meanwhile in Ontario, Ford eliminated the interest-free grace period, among other changes to OSAP that impact low income students the most. He also told student protesters to wash their mouths with soap. #ONpoli
And in BC... the gov’t just announced interest free student loans...for everyone... also, fuck you Doug Fraud. Student protesters at Queen's Park 'should have their mouths washed out with soap,' Doug Ford sayshttps://t.co/YITGtq3T3s pic.twitter.com/FGwrsrr7R6— Twitty McTwitface (@TwittyTwiterson) February 20, 2019
While ON is eliminating the 6month grace period for interest accrual, BC is ELIMINATING interest on existing student loans, effective immediately. Congrats to students in BC who have been lobbying to eliminate interest on provincial student loans! 🌟 #onpoli #WeTheStudents #OSAP https://t.co/8N3Ho5cCKR— nour alideeb (@nouralideeb) February 20, 2019
Holy shit I wish https://t.co/CzLhAJ0Gym— Chris Kohanik (@corpulentchris) February 19, 2019
For more information on Budget 2019, visit the provincial government website.