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If elected, the New Democrats will phase out interest on federal student loans over the next seven years, the party announced at a press conference in Saskatoon on Thursday.

“Put simply, the government shouldn’t be profiting from student debt,” said Claire Card, the candidate for Saskatoon-University.

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The announcement, by candidates Sheri Benson, who’s running in Saskatoon-West, Scott Bell, running in Saskatoon-Grasswood and Card, was made on the University of Saskatchewan campus.

The party says it will begin phasing out interest on loans immediately, and that this change would save the average student $4,000 when it comes to repaying loans.

Additionally, the NDP will invest $250 million, over four years, to create around 74,000 new grants for students, according to the party. The emphasis, the NDP says, will be on “helping students who need it most.”

“We know that lots of students are not going to university because they can’t afford it,” said Benson.