BC Student Loans Are On Pause Until September 2020 & You Won't Pay Interest Either
Last week, the Canadian government announced a freeze on federal student loan payments for six months. Now, officials in the province will be following suit and will be suspending B.C. student loan payments. This will come into effect at the end of March and last all the way until September 2020.
In an address to the media, the government of B.C. announced that student loans in the province would be suspended due to COVID-19.
With many people laid off or left unable to work for the foreseeable future, the government believes it is in the public's best interest to suspend repayment of these loans.
The suspension will come into effect March 30, 2020.
Addressing the public about this was the minister of finance and deputy premier, Carole James.
James stated that the provincial government will be following in the footsteps of the federal government and postpone payments until September 30, 2020.
Student loans, which are already interest-free in the province, will not have to be paid until then.
James stated that the freeze in payments will allow people to take better care of themselves during this pandemic.
Along with the provincial government doing their part to help those who find themselves under financially strain due to COVID-19, B.C. Hydro has announced they will be allowing customers the option to defer their bill payments.
Customers may also be eligible for a $600 grant from B.C. Hydro to cover the cost of outstanding bills.
James also stated that ICBC would be offering license renewals over the phone and online to ensure that fewer people have to leave the house.
With thousands of people being temporarily laid off, many have been applying for EI.
Because of this, B.C. Housing is ensuring people in low-income housing can no longer legally be evicted should they miss a payment during the pandemic.
On the morning of March 23, officials with the provincial government confirmed that B.C. had doubled the amount of COVID-19 cases in just six days.
Officials are now begging people to stay home amid the pandemic.
Should you feel like you may be getting sick, an online assessment has been created.
Nurses in B.C. even set up a hotline so you can get up to date information on the coronavirus as well as have your general questions answered.
Even though everyone is encouraged to stay home, Vancouverites have managed to show their love for healthcare workers by taking to their balconies and cheering on doctors and nurses.
The videos are so heartwarming and it is the exact energy we all need.