Three Prince George student unions have partnered once again with their provincial sibling in a week’s long initiative in supporting those struggling to pay off educational debt.
The Knock Out Interest Campaign is being renewed for the first time three months by UNBC and College of New Caledonia (CNC) student representatives in asking the federal government to get rid of the interest currently in place on student loans, especially during the unprecedented COVID-19 pandemic.
This includes the Northern BC Graduate Students’ Society (NBCGSS), the Northern Undergraduate Student Society (NUGSS) and the CNC Students’ Union (CNCSU), in conjunction with the BC Federation for Students.
"The elimination of interest on student loans is increasingly important not just because of current financial pressures faced by students due to the pandemic but also because it will increase access to education for students from low and middle-income families,” said NBCGSS spokesperson Reginald Ihekwaba in a statement this morning (Feb. 8) as the campaign kicked off today and will formally end on Friday (Feb. 12).
“Additionally, knocking out interests on student loans could encourage more Canadians to pursue degrees in STEM, Social Science and Art fields which is highly beneficial to the economy as a whole."
The three unions claim Canadian post-secondary students are further in debt by 78 per cent because of the interest, using an example of a four-year Bachelor’s degree student now owing roughly $35,000.
They add, in over a 10-year repayment period for that amount, borrowers are likely to pay more than $4,000 in interest.
"Uplifting those who need it is the basic requirement of equity in any form,” said CNCSU Chairperson Sharanjit Kaur as the campaign stems from the claim that Canadian university tuition fees have doubled in the last two decades.
“All the young minds who aspire and work to achieve good education for their and the country's better future deserve to get support from the government of the country. On the way to this path, some of them need to get loans for their higher education, and federal interest on these loans create a burden on contrary to support them. It is not fair to those students who are already in need to pay more than others who can already afford. [...] No student should ever drop out the dream of education because of non-affordability."
The Prince George unions believe education can also ‘bring post-pandemic stability’ and the potential elimination of student-loan interest can be a motivator in restarting the economy.
"Education is a right, not a privilege,” notes NUGSS President Jingyu Chen.
“Education should not be a financial burden students have to endure years after they finished their degree."
The federal government’s Canada Student Loans - COVID-19 page states, as of Aug. 1, 2020 and available for one year, changes were made to ensure students in financial struggle during the pandemic can ‘access and afford’ pos-secondary school.
It adds grant amounts have been doubled to a maximum of $6,000, $3,600 for part-time students.
The NBCGSS, NUGSS and CNCSU are three of 39 student unions across Canada that endorse the Knock Out Interest Campaign.
For more information, you can visit its website.
