Freeze The NSLSC

Canada’s recently released #Budget2021 includes plans to reform the Canada Student Loan Program. But is it enough? These are some of the changes proposed under the new Canada Student Financial Assistance Program. While these are welcome changes, it’s important to recognize that many of them will impact recent grads only in the short term. We need and are missing a significant reinvestment in making Canadian post-secondary education more affordable again to reduce Canadians’ d...ependency on student loans for their education in the first place. What do you think of these proposed changes?

A 1-year pause on interest is barely noticeable to the Canadians making hundreds of dollars in loan payments a month. Quoted in this CTV News piece alongside Heather McPherson MP and Kenny Chiu, MP to argue that we still need a wide-scale student loan freeze. #freezethenslsc #cdnpoli

It’s time to talk more about the revenue generated from Canada’s student loan debt. DH Corp (now Finastra) is one of many companies that Canada has contracted to administer the NSLSC’s loan disbursement and repayment. More students with loans/grants = more revenue for DH Corp ... But DH Corp isn’t the only one generating revenue in 2016/17, the government of Canada generated $662 million from student loan interest. That same year DH Corp took in $85.2 million from its CSLP contract. Canadians are struggling to make ends meet and repay student loans during a pandemic, while a private company profits. Does this sound right?

Watch live and join in to ask questions as the Green Party of Canada announces their post-secondary education strategy

Back in January @matthewgreenndp spoke with the Parliamentary Budget Officer about the costs & potential benefits of eliminating student loan interest. In the last 5 years more than $2 billion in student loans were forgiven due to financial hardship. Over the same period the federal government paid $410 million to DH Corp, a private company contracted to administer the NSLSC. It costs a lot to keep our student debt alive Watch the clip to hear the PBO discuss the connect...ion between interest payments and loan forgiveness rates. Quoted from the PBO: When there are relief measures afforded to students, it has a corresponding impact on reducing the number of bankruptcies, loans in default, and loans written off.

Read our National Observer op-ed! Hoping this resonates with all Canadians who feel frustrated with the NSLSC and Canada’s student debt situation. Whether you agree with cancelling Canada’s student debt, a freeze on loan payments and interest is far from full forgiveness. It’s bare-minimum relief in the form of time much-needed time for recent graduates and underemployed Canadians to find the financial footing they need to join the workforce and participate in Canada’s economy as we continue to contend with COVID-19. #cdnpoli #FreezeTheNSLSC #StudentDebt