March 22nd, 2021
NDP commits to cancelling up to $20,000 per person in federal student loan debt
OTTAWA — On Saturday, New Democrats presented their plan to help young people thrive instead of being buried in debt. The NDP plan includes putting a moratorium on student loan payments, cancelling up to $20,000 per student of federal student loan debt and giving new graduates a five-year head-start without having to repay any federal student loan. While Justin Trudeau had to be forced to help students throughout the pandemic, the NDP has a plan that puts young people first.
“Young people are making student loan payments the size of mortgage payments. For years after they graduate, they’re saddled with crushing debt and they’re not able to get ahead financially. The situation was tough before the pandemic hit and now things are even worse,” said NDP MP Jack Harris (St. John’s East). “Instead of helping young people, Justin Trudeau and the Liberal Government had to be forced to give students support and then he essentially cancelled it out by stopping the moratorium on student loan payments. New Democrats understand that an education should help young people get ahead, not leave them further behind.”
The NDP reiterated its commitment to work with provinces and territories towards tuition-free post-secondary education and to re-instate the moratorium on student loan payments – cancelled in September by the Liberals – until the pandemic is over. The NDP will also permanently remove interest on all federal student loans.
“Since they have been in government, the Liberal Government has collected over $4 billion off the backs of students in interest payments. Our economy won’t bounce back if young people have to pay hundreds of dollars in loan payments every month and another fortune to the federal government just in interest,” said Harris. “New Democrats are committed to a future where tuition is free and where no one needs to take on debt to get an education.”