HRM: The Nova Scotia Loan Forgiveness Program is helping more young people graduate and start their careers with less debt. Government has forgiven about $8 million in Nova Scotia student loans for more than 1,000 Nova Scotia students who graduated from Nova Scotia universities in 2020.
“We want to set our young people up to succeed in our province, to set down roots and establish careers here,” said Labour and Advanced Education Minister Labi Kousoulis. “This program puts money back into their pockets so they can focus on next steps after their post-secondary education.”
As of Aug. 1, 2020, eligible borrowers who study at Nova Scotia Community College (NSCC) can also have all Nova Scotia student loan debt eliminated.
Nova Scotia continues to provide one of the best student-assistance programs in the country. Provincial loans are interest-free and there are upfront grants, loan forgiveness and the Nova Scotia University Student Bursary. Combined, an eligible student can receive more than $40,000 they do not have to repay.
Quotes:
“Applying for student assistance was the only way I could afford going to university, but I was nervous about the level of debt I was taking on. By having my Nova Scotia Student Loan forgiven, I am able to pay off my other loans quicker, making options like pursuing further education or saving for a house much more of a reality.”
– Clancy McDaniel, executive director, Students Nova Scotia
Quick Facts:
— loan forgiveness now covers certificate and diploma programs at universities and NSCC
— new graduates can have their entire provincial student loan eliminated after five years of study, saving them up to an additional $20,400
— $1,283 comes off university tuition automatically each year of study through the Nova Scotia University Student Bursary. This is based on a full course load of five credits each semester
Additional Resources:
Nova Scotia Student Loan Forgiveness Program for university students: https://novascotia.ca/student-loan-forgiveness/
Nova Scotia Student Loan Forgiveness Program for NSCC students: https://novascotia.ca/student-loan-forgiveness-program-certificates-diplomas/
Nova Scotia Student Assistance: https://novascotia.ca/studentassistance/
