HomeLoansRaise triggers 70% jump in student loan repayments for Nova Scotian

Raise triggers 70% jump in student loan repayments for Nova Scotian

A Nova Scotian says the income threshold that triggers higher payments on student loans is set too low and that the provincial and federal governments should raise it to match the cost of living today.

Riley Harris graduated from NSCC six years ago and has been steadily repaying her loans since then under the repayment assistance program. The federal and provincial versions of the program mean people under a certain income don’t have to make payments. It also means people can choose a payment level that works for them, which is what Harris did.

Inflation and rising living costs put more pressure on her finances recently, but she got some good news when she got a raise at work which pushed her salary above $25,000 a year. But the higher salary meant her payments became mandatory and increased by almost 70 per cent compared to what she had been paying, eating up half the raise.

“So a…

Read more at www.cbc.ca

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