Province writes off $2.4 million in student loan debt

For Immediate Release July 28, 2009

(Halifax) – Students aren’t surprised at the Nova Scotia Finance Department’s announcement that it has written off $2.4 million in student loan debt considered unpaid or uncollectible.

Representatives from the Alliance of Nova Scotia Student Associations (ANSSA) have petitioned tirelessly to government regarding the reform of the student financial assistance in Nova Scotia. While there have been improvements in recent years, they believe that many students continue to fall through the cracks.

“It’s not surprising that students are still having trouble paying off their debt,” said Mark Coffin, Executive Director of ANSSA. “Many students leave school and struggle to find employment, and in some cases the inability to pay back their student debt becomes a punishment of bad credit ratings that will hold them back from moving on with their lives. Nova Scotians shouldn’t be punished for seeking higher education.”

The average Nova Scotian graduate completes their education with almost $30, 000 of debt.

“What’s equally worrisome is the fact that the release of numbers like these might deter many students from pursuing a post-secondary education in the first place,” added Coffin. “In an economy like the one we have in Nova Scotia, with an aging population, a shrinking workforce and an expected retirement boom, that’s the opposite of what we need.”

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