Good news for post-secondary students in BC – the province is doing away with interest on all new and existing students loans from the provincial government.

They’re estimating the average students would save around $2,300 in interest a combined federal and provincial loan of $28,000 being repaid over 10 years.

Noah Berson Chair of the Alliance of BC Students was overjoyed at the announcement.

“It helps three groups of folks – ones who are currently in post-secondary. It means they are going to be able to stay in courses and not have to take a year of work,” Berson said. “It really helps those who have graduated. It lets them have a little bit of additional money to be able to start that life, maybe put a down payment on a house.”

“And then it really helps students who are looking at going into post-secondary education, but aren’t necessarily able to pay for it.”

He adds many of his friends and colleagues, as well as other students, will benefit immensely.

“Right now to give you an indication, the federal interest rate on student loans is prime plus 2.5 per cent,” he added. “It’s fairly large, its around 5.5 per cent.”

“This is a massive reduction on it. The previous BC government took the BC loans and halved them, and then this government is taking it all the way and absolutely removed them. It’s going to be a massive benefit for BC students.”

Berson adds they’ve been advocating for this change since 2013.