Province Wipes Out Student Loan Interest

It's going to be a big help for graduates with heavy student loans. Interst on loans will no longer have to be paid. Advanced Education Minister Kelly Regan says the move will save graduates money as they start their careers. There are about 18,000 borrowers who be eligible to benefit every year. That number does not include current students who may also qualify in the future. In order to qualify you must have graduated, be a resident of Nova Scotia, have a "direct-lend" loan sponsored by the government and have made payments recently. However, the program does not include the federal government portion of the borrower's loan. The Nova Scotia government will invest $1.6 million in this program per year. Newfoundland was the first province to eliminate student loan interest in 2009.