NB cuts $3 million from student loan repayment assistance program

January 14, 2011

The New Brunswick government has approved over 100 cost-cutting measures to reduce this year's projected deficit by nearly $43 million. Provincial departments were asked to achieve a 1% budget reduction within the 2010-11 fiscal year to minimize the deficit, which is forecast to reach $820 million. In the case of NB's department of post-secondary education, training, and labour, the province has accepted a reduction of nearly $3.2 million from the Repayment Assistance Plan under the Student Financial Assistance Program. The savings are realized due to a lower interest rate and program uptake. NB News Release | 2010-11 Departmental 1% Spending Reductions Accepted Action Items