P.E.I. takes over student loan program

The provincial government has taken over Prince Edward Island's student loan program.

Allan Campbell, minister of innovation and advanced learning, said the change was necessary because the P.E.I. Credit Union system no longer wanted to provide the service.

He said a contract has been awarded to a private company to take care of the loan program's day-to-day operations.

"The students themselves I think what they're going to see is a smooth transition here," Campbell said. "The service provider is a large company that does a lot of this type of work right across the country … and of course we do have staff here at student financial services in the province that are well versed and that do a great job."

The Student Financial Assistance Act, which allowed the changeover, came into effect a few weeks ago.