We will immediately harmonize the federal and provincial interest relief program, the minister said. This will help students who need more time to get on their feet before they have to begin repaying their loan. It also means one form and less paperwork with which students and banks have to deal. Currently under the Interest Relief Program, the department pays full interest on a student's loan, based on earnings, for up to 24 months. As a result of this change, interest relief will be extended to 30 months for students who borrow money after June 30.
Students are also able to make more money while remaining eligible for interest relief.
The department will also continue to step up efforts to ensure all eligible students apply for the Nova Scotia Loan Remission Program, a program where students in greatest need and who are academically successful have a portion of their loan forgiven. Currently, only approximately 50 per cent of eligible students apply.