BC premier Christy Clark announced this week the Repayment Assistance Plan (RAP) – part of the government’s “Families First” agenda which will include a two-stage RAP coming into effect July 1. The first stage provides payment assistance for the interest portion of the student loan, and the second stage provides payment assistance for the principal portion of a loan.
“It’s great to see the governments come together and design a program such as the Repayment Assistance Plan to help those borrowers, facing financial difficulties, be able to pay off their student loans,” says John Boylan, manager, student and financial awards services, Kwantlen Polytechnic University. “The plan makes sure that payments are affordable and this collaborative effort ensures that borrowers become debt-free sooner – a clear win-win for all.”
Arzo Ansary, director of external affairs, Kwantlen Student Association, spoke at the press conference unveiling the plan, and expressed what it means for individuals repaying their loans.
“Income based repayment means a world of difference in terms of repayment affordability”, says Ansary. “As a student with a four year old son the introduction of this change to the Student Aid BC program will make juggling my finances that much easier. Having a repayment program that’s income based is not only a fair system, but a much needed one. I can continue to build a life for myself and my family and know I won’t have to give up more than I earn to keep my dream going.”