11/24/2014 01:34 EST | Updated 01/24/2015 05:59 EST

Interest-free student loans to cost Manitoba about $1M a year

WINNIPEG - The Manitoba government says waiving interest on student loans will cost the province about $1 million a year.

Premier Greg Selinger reiterated his throne speech promise today to eliminate interest on student loans in order to make post-secondary education more accessible.

Selinger says details such as when the change will occur, and exactly how much it will cost, will be revealed in the spring budget.

Selinger says when the change occurs, it will also apply to existing student loans, so current borrowers will also pay no interest.