Nova Scotia student loan forgiveness is the most generous program in the country

Student loans can often be a burden once they need to be repaid. However, one province helps them tremendously. Nova Scotia student loans are forgiven and graduates will be able to save a ton of money.

An Aug. 27 news release from Nova Scotia Labor and Advanced Education says the province has forgiven about $8 million in debt for more than 1,000 graduates.

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Those eligible for the program can potentially have all of their student debt erased (up to five years), depending on when they graduated and how long they studied.

Anyone who completed their first undergraduate program after August 1, 2019 can have all of their provincial loan debt forgiven.

Even people who haven’t finished their studies recently can get part of their loan back.

Graduates who completed their programs before August 1, 2017 are eligible for loan forgiveness for their first four years of study.

For pre-2019 graduates to qualify, they must have combined government student loan debt greater than $28,560.

People don’t even have to apply for it themselves. Upon graduation, they are automatically assessed by Student Aid, which will notify them of their eligibility for loan forgiveness.

The Nova Scotia program is extensive. While provinces like British Columbia and Saskatchewan offer student loan forgiveness to people in medical fields, this applies to all students in undergraduate programs.

“We want to give our young people the means to succeed in our province, to put down roots and to make a career here,” said the Minister of Labor and Higher Education, Labi Kousoulis, in a press release.

“This program puts money back in their pockets so they can focus on what’s next after post-secondary education.”

It also goes much further than the pan-Canadian loan assistance introduced this year, which froze Canada Student Loan repayments for six months.

Some provinces, including British Columbia and Ontario, have also allowed people to defer payments for a period of time, but have not canceled the debt entirely.

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