NDP Leader Jagmeet Singh rises during question period in the House of Commons on Parliament Hill in Ottawa on Thursday, April 29, 2021. Parliament’s budget watchdog says the NDP plan to cut student debt would cost about $4 billion.THE CANADIAN PRESS/Sean Kilpatrick

NDP Leader Jagmeet Singh rises during question period in the House of Commons on Parliament Hill in Ottawa on Thursday, April 29, 2021. Parliament’s budget watchdog says the NDP plan to cut student debt would cost about $4 billion.THE CANADIAN PRESS/Sean Kilpatrick

PBO report finds that NDP plan to slash student debt would cost $4 billion

Budget watchdog calculates cost tied to NDP plan announced in March

Parliament’s budget watchdog says the NDP plan to cut student debt would cost about $4 billion.

The New Democrats’ campaign-style pledge this spring promised to cancel up to $20,000 in tuition, freeze loan payments through July 2022 and scrap interest payments, among other measures.

In a report released today, parliamentary budget officer Yves Giroux says the proposal would amount to $3.95 billion over five years, with the reduction of as much as $20,000 per student borrower by far the priciest plank.

Giroux also calculates that the plan’s extension of the non-repayment period from six months after graduation to five years would actually cut more than $400 million in upfront government costs.

The announcement of the NDP plan in March came ahead of a possible election this year as federal parties prepare to battle it out for the hearts and ballots of young voters.

Statistics Canada found last fall that more than 60 per cent of post-secondary students were concerned about using up their savings and taking on more debt.

— The Canadian Press

Related: Budget’s foreign-homebuyers tax could bring in $509 million over 4 years, PBO says

Related: Excess profits tax would reap $8 billion for government, budget watchdog says

Just Posted

Grant De Patie. (The News files)
Virtual sit-in in memory of Maple Ridge gas attendant killed in 2005

Protest for stronger safety protections for late-night workers

Have an opinion you’d like to share? Submit letters to the editor through our website, via email or the postal service. (Heather Colpitts/Black Press Media)
LETTER: Pitt Meadows does not need new RCMP detachment

Local resident says the price tag is too much

Maple Ridge author Tiffany-Ann Bottcher is one of 21 authors whose real-life stories are featured in the new book Women in Business in a Changing World. (Special to The News)
Maple Ridge author shares real-life story to inspire women in business

Tiffany-Ann Bottcher, is a long-time Maple Ridge resident, a full-time business coach and blogger

People watch a car burn during a riot following game 7 of the NHL Stanley Cup final in downtown Vancouver, B.C., in this June 15, 2011 photo. There’s new evidence the Vancouver police were warned about a possible riot days before violence broke out during the final game of the Stanley Cup playoffs on June 15. THE CANADIAN PRESS/Geoff Howe
Maple Ridge residents share Vancouver Stanley Cup Riot memories

June 15th was 10th anniversary of Canucks Game 7 loss

Maple Ridge's Ron Paley aimed the camera skyward, to the clouds earlier this week, while out for one of his regular bike rides through Pitt Meadows and Mape Ridge. This time, he shared some images he caught while biking to Pitt River Bridge, then north up to the dikes and back around to Laity Street. "Awesome weather for biking… and the cloud formations were unique." (Special to The News)
SHARE: Cyclist stops to admire the clouds

Send us your photo showing how you view Maple Ridge or Pitt Meadows, and it could be featured soon

A small pod of Pacific white-sided dolphins pass by close to shore in Campbell River June 16, 2021. Still capture from video courtesy of Kimberly Hart
VIDEO: Dolphin sunset captured from Vancouver Island shore

Spectacular setting for view of travelling pod of Pacific white-sided dolphins

Police are asking for public assistance in locating Anthony Graham who has been charged with the murders of Kamloops brothers Carlo and Erick Fryer. (RCMP photo)
2 charged, suspect at large in killings of B.C. brothers linked to gang activity: RCMP

Kamloops brothers Erick and Carlo Fryer were found deceased in May on a remote Okanagan road

UFV athletes were honoured for their strength and perseverance during the pandemic. (UFV photo)
Fraser Valley athletes recognized in year without sports

UFV Cascades athletes honoured for strength shown during the pandemic

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Albert Health Minister Tyler Shandro and Alberta Premier Jason Kenney unveil an opening sign after speaking about the Open for Summer Plan and next steps in the COVID-19 vaccine rollout, in Edmonton, Friday, June 18, 2021. THE CANADIAN PRESS/Jason Franson
Alberta 1st province in Canada to lift all COVID-19 public health restrictions

70.2% of eligible citizens 12 and older in the province have received a dose of the vaccine

Fraser Health registered nurse Ramn Manan draws a dose of the Pfizer COVID-19 vaccine into a syringe at a walk-up vaccination clinic at Bear Creek Park, in Surrey, B.C., on Monday, May 17, 2021. THE CANADIAN PRESS/Darryl Dyck
‘Honour our fathers’ with COVID-19 vaccine protection, B.C. urges

109 new cases Friday, 75 per cent of 12 and up immunized

(Paul Henderson/ Chilliwack Progress)
Trutch Avenue in Chilliwack to be renamed to remove racist taint

New name to have Indigenous significance as Chilliwack takes new step toward reconciliation

Canadian Prime Minister Justin Trudeau is seen during a joint news conference following the EU-Canada Summit, in Brussels, Belgium, Tuesday June 15, 2021. Trudeau says Canada is on track now to have 68 million doses delivered by the end of July, which is more than enough to fully vaccinate all 33.2 million Canadians over the age of 12. THE CANADIAN PRESS/Adrian Wyld
Vaccine deliveries enough to fully vaccinate all eligible Canadians by end of July

Three in four eligible Canadians now have their first dose, nearly one in five fully vaccinated.

Most Read