The government of Prince Edward Island announced today that provincial student loans will have a zero per cent interest rate for loans issued after January 1, 2001, and held by PEI Student Financial Assistance Corporation. This program will be effective October 1, 2012.
UPEI Student Union President Kate VanGerven acted as the event’s master of ceremonies. Other UPEI representatives, including UPEI President Alaa Abd-El-Aziz were in attendance to hear Premier Robert Ghiz make the important announcement.
There are approximately 2,600 provincial student loans that were issued after January 1, 2001, now in repayment status. The savings on the average student loan in the first year of repayment will be approximately $1,000.
The announcement is a part of the province’s ongoing commitment to all levels of education, including other post-secondary investments such as the George Coles Bursary and Scholarships, and new infrastructure for UPEI and Holland College.
Premier Ghiz said “Education is the best investment for the future of Prince Edward Island. I hope that this program will encourage more Prince Edward Island students to attend post-secondary education and training.”
To be eligible for a PEI loan, students must: