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November 24th, 2020

NDP successfully gets Liberals to commit to extending pause on student loan repayments

OTTAWA – In the House of Commons today, NDP MP Heather McPherson’s (Edmonton – Strathcona) motion to extend a pause on student loan repayments passed unanimously.

“With COVID-19 rates skyrocketing, the stress on young people and recent graduates is incredible. They lost their summer employment. They have few job options and those available are often low paying and put them at risk for COVID-19,” said McPherson in the House of Commons today. “By rushing to give almost a billion dollars that was supposed to go to students to their well-connected friends, the liberal government has left students and recent graduates in the lurch.”

A recent report from Abacus Data found that that young people in Canada have been among the hardest hit by COVID-19 and they have had to make fundamental shifts in their education, employment and financial situations. According to Abacus Data, over half of youth (58%) aged 15-30 have experienced an impact on their financial situation due to the pandemic.

“At the urging of the NDP, the government implemented a moratorium on student loan repayments in the spring to give some relief to recent graduates. However, as of September 30, the student loan moratorium ended despite Canada’s decent into a second wave,” said McPherson. “Extending the interest-free moratorium on student loan repayments could be the difference recent graduates need to get through the winter. Canadians can count on New Democrats to fight for young people by pausing loan payments, and by getting rid of interest on student loans all together.”