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BC reviewing student loan interest rates


 

Murray Coell, B.C.’s minister responsible for screwing up advanced education, tells the Victoria News that his province is reviewing their student loan interest rates.

If BC decides to lower interest rates, it will join Alberta, New Brunswick, and Newfoundland in recently doing so.


 

BC reviewing student loan interest rates

  1. This was a major thrust of UBC’s ‘Trek to the Legislature’ this year, where we send a team of student politicians to discuss PSE issues. With both Kwantlen and UCFV (now UFV) joining us, we hammered on the issue of interest rates.

    Its just simply wrong for governments to charge at a rate high enough to turn a profit, this is an investment by the government in the economic strength of the province. Students shouldn’t get fleeced by their government.

    I’m glad Mr. Coell is looking into taking some of our issues to heart, it shows that student government can make a difference.

    Congrats are in order to UBC, Kwantlen and UFV should be in order for this issue getting through, if it does.

  2. Perhaps Murray has finally digested a poll that the Coalition for Student Loan Fairness and the CFSBC commissioned about interest rates some months ago:

    http://www.studentloanfairness.ca/documents/MustelPollBCloaninterestrates.pdf

    The fact is that the Coalition has worked very hard to educate the public about this issue, and if Murray finally does come through with changes, it is our hope that they are just the beginning. The beginning of a new focus on borrowers in repayment and their needs.

    Over 80,000 provincial borrowers are now grappling with huge amounts of interest – interest that was never an issue back when BC provincial student loans were given in the form of grants – oh, that’s right, the BC Liberals slashed the grant program, but not interest rates!

    Joey Coleman should probably get most of the credit for highlighting this issue throughout the past many months, though.

    Other issues still to be dealt with include better customer service for borrowers, an ombudsperson office (provincially), and a borrower bill of rights to ward off nasty collection agencies breaking the public trust.

    Coalition for Student Loan Fairness
    http://www.studentloanfairness.ca

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