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Kevin Vuong

Member of Parliament
Member of Parliament
Independent

Spadina—Fort York
Ontario
Voting Attendance: 62%
Expenses Last Quarter: $144,966.01

Government Page

Oct/4/22 7:55:46 p.m.
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Mr. Speaker, I do not know what the parliamentary secretary is not getting. People are struggling to make ends meet. Is the government backtracking on its promise or is it because the government has overspent and now needs to recoup as much money as possible off the backs of students and parents? The parliamentary secretary has refused to answer when Liberals will honour their promise to permanently eliminate interest on federal student loans. That is fine. I will make it simpler. Will the government honour its promise and eliminate interest on federal student loans, yes or no?

97 words

Context: House Hansard - 107 - Oct/4/22

Mr. Kevin Vuong (Spadina—Fort York, Ind.)

Oct/4/22 7:49:31 p.m.
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Mr. Speaker, in 2021 the Liberals promised to permanently eliminate interest on federal student loans. Let us be clear. On page 17 of the Liberal Party's 2021 election platform document, entitled “Forward. For Everyone”, it states that a re-elected Liberal government will: Permanently eliminate the federal interest on Canada Student Loans and Canada Apprentice Loans to support young Canadians who choose to invest in post-secondary education. This will benefit over 1 million student loan borrowers and save an average borrower more than $3,000 over the lifetime of their loan. This promise seems fairly straightforward. However, it now seems that Forward. For Everyone” should read “Backward. For Students”. On February 17, I asked the minister responsible whether the re-elected governing party would keep its election campaign promise to students. Of course, amnesia had clearly set in, even though the government claimed to have the backs of Canada's students. Yes, it was roll out the smoke-and-mirrors approach again, and no pesky election promise was going to be allowed to get in the way. On September 17, an assistant deputy minister at the Department of Employment and Social Development gave notice in the Canada Gazette that the interest moratorium on Canada student loans and Canada apprentice loans would expire on March 31, 2023. Clearly, this must have been a mistake, so one week later, on September 23, I asked whether the Liberals would honour their promise. Again, the House was treated to obfuscation and platitudes. At a time when Canadians are struggling to make ends meet and students are taking on debt to afford an education, broken promises and empty platitudes will not cut it. The average federal student debt held by someone with a bachelor's degree is $23,000. I myself graduated with $25,000 in student debt. Moreover, to combat rampant inflation eating away at Canadians' paycheques, interest rates have nearly doubled to 4.7%. Are we to understand now that on April 1, 2023, the government will hand young Canadians and their parents a very cruel April fool's joke of a nearly $600 increase to student loan payments? Should that occur, I cannot fathom the backtracking on this campaign promise, because there are few better investments than to invest in education. On average, someone with a bachelor's degree will pay almost $15,000 a year in annual taxes, nearly double what someone with a high school diploma pays. This is annually, not just one time. It is a recurring benefit to our country, not only in the tax dollars that fund the services that Canadians rely on, but also in a more educated and upskilled workforce. The societal and fiscal benefits are clear. There is also, however, the honouring of a promise to students, along with the business case for investing in our country's next generation. In conclusion, can the government educate students and Canadians on what will happen on April 1? Can it shed light on the path forward for all by letting us know on what date interest rates will be permanently eliminated from Canada student and apprentice loans?

528 words

Context: House Hansard - 101 - Sep/23/22

Mr. Kevin Vuong (Spadina—Fort York, Ind.)

Sep/23/22 12:06:37 p.m.
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Mr. Speaker, in 2021, the Liberals campaigned on the promise to eliminate interest on Canada student loans. Today, the government is poised to increase interest rates in April, adding an average of $600 to student loan payments. Is this just another example of the government's smoke and mirrors and failure to honour its promises to Canadians, just like its inability to combat rampant inflation, high interest rates and soaring food costs?

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Member of Parliament

Kevin Vuong