Students protests against interest on student loans in Canada

Canadian Federation of Students along with thousands of students is pushing Trudeau’s government to make student loans-interest free.


Devdiscourse News Desk | Updated: 22-05-2018 03:18 IST | Created: 22-05-2018 03:17 IST
Students protests against interest on student loans in Canada
The federation claims that students in Canada currently owe CAD 28 billion collectively in debt to all levels of government. (Image Credit: Fickr)
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Canadian Federation of Students along with thousands of students is pushing Trudeau’s government to make student loans-interest free.

The federation claims that students in Canada currently owe CAD 28 billion collectively in debt to all levels of government and CAD 19 billion of that is owed to the federal government. In 2015-16, Canada Student Program provided loans to nearly 490,000 full-time post-secondary students amounting to CAD 2.7 billion.

It says that the federal government shouldn’t be profiting from student loans in the Facebook ads of their campaign which added that the government made about CAD 862.2 million this year. Government’s public record, on the other hand, show a revenue of CAD 662 million in 2016-17 and CAD 635 million the year before.

Four provinces of Canada, Manitoba, Newfoundland and Labrador, Nova Scotia and Prince Edward have already eliminated interest rates on their portion of student loans and British Columbia is also set to follow with an announcement regarding the same made last week.

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