FOR IMMEDIATE RELEASE
OTTAWA, June 11th, 2015 – The Canadian Alliance of Student Associations (CASA) is pleased to support Private Members’ Bill C-688, Student Debt Relief Act. Introduced by NDP MP, Don Davies, this proposal aims to reduce interest rates on Canada Student Loans. The Student Debt Relief Act is a result of Mr. Davies annual student “Create Your Canada” contest, in which high school students submit ideas to improve Canada.
“Government shouldn’t be profiting off of students who are working towards paying off their debts”, said Erik Queenan, Board Chair of CASA. “Lowering interest rates would significantly benefit both students and their families, especially those with the highest debt levels who struggle to repay their loans in the face of mounting interest charges.”
Currently, the Canada Student Loans Program charges significantly higher interest rates than many other private loans. Fixed rate student loans charge prime plus 5%, and variable rate student loans charge prime plus 2.5%. By comparison, most commercial mortgages charge far lower interest rates, advertising rates of 2% or less.
“This innovative initiative further demonstrates the importance of listening to students themselves on student issues”, added Queenan. “Student problems need student solutions and we applaud Mr. Davies’ work in this regard.”
The voice of stakeholders in education is a source of pragmatic policy solutions. There is no substitute to listening directly to those who are impacted by such policy changes.
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Established in 1995, the Canadian Alliance of Student Associations (CASA) is a non-partisan, not-for-profit national student organization composed of 21 student associations representing 250,000 post-secondary students from coast to coast. CASA advocates for a Canadian post-secondary education system that is accessible, affordable, innovative, and of the highest quality.
FOR INFORMATION PLEASE CONTACT
Matthew Rios, Government Relations and Communications Coordinator
Office: 613-236-3457 ext. 221