moved for leave to introduce Bill C-225, an act to amend the Business Development Bank of Canada Act and the Canada Student Loans Act to provide for a student loan system that is more supportive of students.
Mr. Speaker, I introduce this bill on behalf of the many students who are struggling under crippling debt loads to achieve their post-secondary education. Some of the pages in our House of Commons today may be in that group of students.
This idea is in recognition of rising tuition costs. The purpose is to establish the Business Development Bank of Canada as a lender of guaranteed student loans, to provide that student loan interest rates are set at the same rate of inflation for the previous year and are set annually by the Business Development Bank of Canada. This would ensure that students and persons still paying off student loans would have reasonable financing, that they would not be subject to the vagaries of the free market that deals with interest rates in other sectors and that they would not be unduly burdened by their debt after completing their education.
Persons who have existing loans from the lenders previously set up by the Canada Student Loans Act would be able to apply for loans from the Business Development Bank of Canada to pay them off and then would be covered by the new interest provisions set by the bill and reset on an annual basis.
This would be good for students and I hope members take note of that and see fit to vote for it when the time comes.
(Motions deemed adopted, bill read the first time and printed)