The province of Nova Scotia has announced the first “debt cap” in the province’s history, providing Nova Scotia students who complete an undergraduate degree, and have Nova Scotia Student Loan, with a $28,560 maximum debt cap. That means a drop of up to $16,320 in the maximum amount of debt a student may carry.  The debt cap of $28,560 will be applicable for all 1^st year students entering into a 4 year undergraduate degree in the 2011-12 academic year, effective August 1^st, 2011.  Students who will be entering into their 2^nd, 3^rd or 4^th year of an undergraduate degree as of August 1^st, 2011 will also see a proportionate debt cap applied to their loan balances upon graduation.  Students will not be required to submit a separate application for the debt cap.  Eligibility will be assessed by the Nova Scotia Student Assistance office upon graduation.  An increase to the grant issued by the Nova Scotia Student Assistance Office from 20% to 30% to all Nova Scotia students will also help with the management of student debt upon graduation.

Further details on the debt cap will be posted to the website as they become available