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This article was published 24/11/2014 (2127 days ago), so information in it may no longer be current.

Post-secondary students in the province will not have to pay the interest on their Manitoba Student Loans starting sometime in 2015, Premier Greg Selinger announced at the University of Winnipeg this morning.

Selinger had made the same promise during the Speech from the Throne last week.

"Our government is continuing to ensure that post-secondary education in Manitoba is accessible, affordable and of a high quality by helping students keep more money in their pocket," Selinger said in a release.

The province estimates that over 27,000 students will benefit from the move. Approximately 16 per cent of post-secondary students in Manitoba require some sort of provincial financial assistance.

The plan to remove the interest from Manitoba Student Loans is expected to cost the province $1.3 million annually.

Selinger hopes to see the initiative take root when the budget is announced in the Spring 2015.

Final details on the announcement are still being looked at, but it’s believed that the interest on Manitoba Student Loans will be waived for new students and those currently paying down an existing loan debt.

The province also announced that it is removing the vehicle cost eligibility requirement for students.

In the past, a student who owned a vehicle worth $10,000 or more was not eligible for a Manitoba Student Loan.