Nova Scotia student loan borrowers using the Repayment Assistance Plan will not be required to make payments on their provincial student loan until they are earning at least $25,000 per year.
The change will take effect on Nov. 1.
“Every dollar counts when graduates are beginning their careers,” said Labour and Advanced Education Minister Kelly Regan. “We hope this change provides some relief to young people as they build their lives in Nova Scotia.”
The Repayment Assistance Plan is available to borrowers who are having difficulty managing their monthly payments by calculating an affordable payment amount based on their income and family size.
“This change to the Repayment Assistance Plan will be important to students as they move out of post-secondary education and on to their next steps,” said Students Nova Scotia executive director Sophie Helpard. “We are happy to hear that Nova Scotia is being proactive in giving more financial assistance to students who need it most.”
Changes to the provincial Repayment Assistance Plan align with those made by the federal government.
This is one of several steps government has taken to protect the affordability of post-secondary education for Nova Scotia students. Provincial student loans are interest free, and eligible students can get up to $30,000 in non-repayable financial support over a four-year program.
For more information, click here.