News release

Student Loan Financing with RBC Royal Bank Extended

Education (July 1999 - March 2013)

Nova Scotia's student loan program will continue in partnership with RBC Royal Bank until July 31, 2002.

The current agreement calls for the bank to finance student loans sponsored by the provincial government. It was to expire on Dec. 31. With the seven-month extension, there will be no change in delivery of the Nova Scotia Student Loan program during the current academic year.

"We will continue to provide financial support to eligible post- secondary students in Nova Scotia," said Education Minister Jane Purves. "The extension of our agreement with RBC Royal Bank gives us more time to explore our options for an improved student loans program that meets the needs of students while using taxpayer money responsibly."

The Department of Education aims to have long-term financing for the program in place by the time the agreement extension expires. Other ideas are being considered to improve delivery of the program.

One possibility may be to establish a regional centre for processing student loans for all students in the Atlantic region. Atlantic premiers agreed to explore this option in their document Working Together for Atlantic Canada.

The department is also working on a new student debt-management program. Students have worked with department staff to develop several options that will help students with the greatest need while working within the limits of government's current financial resources. The options are currently under consideration and a decision will be made through the spring budget process.