Student Loan Interest Eliminated In Prince Edward Island

(from left) Education and Early Childhood Development Minister Alan McIsaac, UPEI Student Union President Kate VanGerven, Premier Robert Ghiz and Advanced Learning Minister Allen Roach at the Interest-Free Student Loans announcement at Holland College.

CHARLOTTETOWN - Prince Edward Island students will be able to access interest-free provincial student loans this fall.

Premier Robert Ghiz announced Friday that a zero per cent interest rate on the provincial student loan program will be implemented Oct. 1.

The program will apply to loans issued after Jan. 1, 2001.

A news release from the province says there are about 2,600 loans currently in repayment.

The government says the savings on the average loan in the first year of repayment will be about $1,000.

It says the initiative will cost the provincial government about $500,000 annually.