$32 000 – That’s the average amount of student debt after a four year program!
When the government increased the maximum student loan amount in 2004 were they really helping you? Sure you could borrow more to help with expenses during school, but did you really realize how much more you were going to have to pay back? Did you know on a $32 000 student loan students will back anywhere from $12 500 to $27 500 just in interest alone? Think that’s outrageous? So do the Okanagan College Students’ Union and the Canadian Federation of Students.
The solution – Grants Not Loans.
In February 2008, the federal government announced the first ever National System of Student Grants. The announcement brings $350 million in grant funding to low and middle-income students starting in 2009. By 2012, there will be $430 million in funding.
This win couldn’t have been achieved with out the help of students across the country. Thousands of signatures were collected calling on the government for increased funding and a National System of Student Grants. But there is still more work to be done. To get involved, stop by your Students’ Union office today.