Student Loan Financing with RBC Royal Bank Extended

Nova Scotia's student loan program will continue in conjunction with RBC Royal Bank for at least another three years.

The current agreement calls for the bank to finance student loans sponsored by the provincial government. It was to expire on July 31, 2003. It has been extended until July 31, 2006, with an option for another two-year extension.

"Our agreement with RBC Royal Bank is the best option for Nova Scotia students," said Education Minister Angus MacIsaac. "The bank has been providing good service to our students, and we're pleased to be extending the partnership."

The bank began financing government-sponsored loans in 1996. In 2000, government took full responsibility for defaults on loans and a series of short-term extensions to the original agreement began.

The three-year extension will not cause any change in the delivery of the Nova Scotia Student Loan Program. About 9,800 Nova Scotia students receive these loans each year.