Beginning January 1, 2012 new and existing Canada Student Loans for part-time students will be interest-free during study.

Currently, an interest rate of prime plus 2.5 per cent applies to part-time Canada Student Loans. By eliminating the interest on part-time loans during study, students will save, on average, close to $350 per year.

Now, interest will only begin to accumulate on these loans after the student graduates or leaves school.

Nova Scotia students can apply for part-time Canada Student Loans using this application form.

For more information about this change, click here.