Student Loan Relief a Welcome and Necessary Measure in Addressing Financial Impact of COVID-19
Student Loan Relief a Welcome and Necessary Measure in Addressing Financial Impact of COVID-19
March 20, 2020
For Immediate Release
Halifax, NS – Today, Students Nova Scotia (StudentsNS) is relieved to see the Government of Nova Scotia introduce a six month, interest-free moratorium on Nova Scotia Student Loans, following the lead of the federal Canada Student Loan Program. Today’s announcement by Premier Stephen MacNeil is a necessary step in addressing the uncertain situation that students and graduates face in relation to the spread of COVID-19.
“Beyond finishing the semester, students are concerned about ongoing financial stability in the face of COVID-19.” says Mary Navas, Chair of StudentsNS. “The job marketplace is already difficult for new and established graduates, but given the state of our economy in the face of this pandemic, job searches will be increasingly difficult. Many students work part time on and off campus, or in seasonal working positions, including in food service and hospitality. Students and graduates are rightfully concerned, and removing the burden of loan payments helps address these difficulties”.
StudentsNS is also pleased to see other cost-saving measures put in place by the Government of Nova Scotia and utility services. On March 17, Nova Scotia Power announced that they would not disconnect clients due to unpaid bills until further notice. Most recently, on March 19, Premier Stephen MacNeil announced that no tenant in the province could be evicted due to income impacted by COVID-19. These measures are welcomed as students and graduates face uncertainty in light of COVID-19.
“Many loan borrowers have been, or will be, laid off or unable to work as a result of COVID-19” says Clancy McDaniel, Executive Director of StudentsNS. “Parents are providing their own childcare, caretakers will be needed for those who become ill, small business owners are searching for help, and the ability to pay hundreds of dollars a month on student loans will be increasingly difficult. By placing an interest-free moratorium on student loans, coupled with other measures, the Government will alleviate major stressors for borrowers and their families”.
StudentsNS represents 20,000 undergraduate, graduate, and college students across Nova Scotia, and advocates for accessibility, affordability, quality, and the role of the student voice in our post-secondary system.
For more information, contact:
Clancy McDaniel, Executive Director
(902) 476-2367