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Province announces interest-free Island student loans

| Students

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:

- Be a Canadian citizen, permanent resident (landed immigrant), or Protected Person of Canada, as defined under Canadian Immigration Legislation
- Be a Prince Edward Island resident. (Generally, you are a resident if you've lived in PEI for 12 consecutive months before your study period, not including time spent in post-secondary studies.)
- Be able to show that you have financial need because your resources do not cover your costs of living and education while you are attending your educational institution. (The allowed costs are set by the Canada Student Loan Program.)
- Be enrolled in a degree, diploma, or certificate program at least 12 weeks long at a designated post-secondary educational institution
- Pass a credit check if you are 22 years of age or older, and applying for a student loan for the first time
- Be able to verify you have completed at least 60% of a full-time course load during the last year in which you had a student loan
For further information on eligibility qualifications for student loans, as well as other government grant and bursary programs, please go to www.studentloan.pe.ca or call (902) 368-4640.
Read the government of Prince Edward Island's press release here

Contact

Sheila Kerry
Media Relations and Communications Officer
Integrated Communications

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