Government Offers Little Relief as Student Debt Skyrockets
Government Offers Little Relief as Student Debt Skyrockets

HALIFAX--A report released today by the Maritimes Provinces Higher Education Commission (MPHEC) confirms that student debt is still on the rise, with average student debt increasing by 10% since 2003.

"Students in this province have been forced to take on mortgage-sized debts to finance their education and the government has consistently failed to address the underlying issues of high tuition fees and lack of upfront grants," said Kaley Kennedy, Nova Scotia Representative for the Canadian Federation of Students. "This study confirms that the government must follow through immediately on its promise to reduce tuition fees to the national average."

The MPHEC report also found that 30% of graduates owe more than $40,000 and that these students are significantly less likely to pursue further education. Average tuition and compulsory fees in Nova Scotia are the highest in Canada at to over $6,700 per year. A new program announced by the Government of Nova Scotia will do little to relieve these mounting debt loads. Under the new direct lending system, the average student in repayment will only save $100 per year or $1000 over the term of their loan.

"Until the government commits to addressing the core issues, student debt will continue to rise," said Kennedy. "The most effective means of providing debt relief for Nova Scotia students is to reduce tuition fees and provide upfront, needs-based grants."

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