12/21/2011 05:27 EST | Updated 02/20/2012 05:12 EST

Student Loans: Ottawa Cuts Interest Payments For Part-Time University Students

OTTAWA - Part-time university and college students will no longer have to pay interest on their student loans while going to school.

The Conservative government announced that as of January 1, 2012, the interest on part-time student loans will be eliminated as long as the student is in school.

The measure was promised in the party's 2011 election platform.

Kellie Leitch, parliamentary secretary to the minister of human resources, says that the move should save students an average of $350 annually.

Leitch says taking away that pressure will help Canadians who are taking courses while working or raising families.

Currently, part-time students pay prime plus 2.5 per cent on their loans while in school, with the principal payments kicking in once they stop taking classes.

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