Student Loans

Lately, we’ve been engrossed by the Medici: Masters of Florence TV series. Season one chronicles the early days of Cosimo de' Medici, 1428–1464 in his new role as head of the famous Medici bank. The series portrays his conflict with Rinaldo Albizzi who accuses Medici of “usury”. In 15th century Europe the Catholic church had outlawed this practice - one that we know continues to this day. Usury def. Making a loan with excessive or abusive interest rates.

When we get a loan from the bank we expect the interest rates to cover administration plus a profit margin. Whether or not those profit margins are a little high is another discussion. What about a government loaning money? Should the interest rate on Student Loans cover administration plus a tidy profit? Do we expect our government to profit on the backs of our youth? That is what is happening in Canada. We’re in the middle of a pandemic. Recent grads are struggling to find work. Those who are earning usually work in precarious sectors. Housing prices keep spiraling upward.

Since they have been in government, Justin Trudeau and the Liberals government have taken over $4 billion from students in interest payments – profiting off the backs of young people already feeling the squeeze. That sounds like more than administration. That sounds like usury!

Jagmeet has a plan to make sure young people thrive instead of being buried in debt. Join him in calling on Justin Trudeau to:

• Reinstate the moratorium on student loan payments until the pandemic is over.

• Permanently remove interest on all federal student loans.

• Give new graduates a five-year head start without having to repay any federal student loans.

• Cancel up to $20,000 of federal student loan debt per student for old and new graduates.

• Commit to working towards a future where tuition is free.

View what we stand for at the Milton NDP Blog:
https://ndpmilton.blogspot.com/


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#miltonontario #NDP #ondp #studentloandebt #studentloans #studentloanforgiveness

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