According to several press publications, Canada’s Prime Minister Justin Trudeau is about to announce student loan benefits for young parents, who are struggling with managing their debt.
The benefits will include mostly student loan repayment breaks for new parents. According to the Canadian Press, Mr. Trudeau and his Labor party are going to make education and student-loan financing two of the primary points of their political campaign.
The announcement will highlight the contrast between the federal Liberals’ commitment to public education and the cuts to education programs implemented by Ontario Premier Doug Ford’s Progressive Conservative government.
Studnet loan benefits
The proposed student loan benefits will most likely target young adults, who are still in higher education or have recently graduated.
The student loan repayment pause for new parents is also aimed at students who have recently graduated, and have yet to pay all of their student debt. According to the Canadian Press, the pause will last until the parent’s youngest child turns five years old.
The Labor party platform will be officially launched in a few days at the University of Toronto, and students and parents attending the event will be able to ask Mr. Trudeau and his colleagues’ questions related to the Labor party’s new program.
Student debt
The mounting student debt all over the world is becoming a global problem. However, the situation is worst in countries like Canada and the United States, as tuition fees there have been increasing continuously over the past several decades.
Students in some areas of the United States are finding it increasingly hard to afford basic life essentials, or their rent, because of the enormous student loan payments they have as debt.
Mr. Trudeau and the Labor party will definitely bring a ray of hope to new parents, as the financial burden of raising a child combined with student loan debt is impossible to manage. Hopefully, the party will also introduce student loan benefits a larger group of university graduates, who find it tough to manage with their debt.
