Students offered loan repayment relief

November 1, 2016

Approximately 750,000 students were repaying Canada Student Loans over the period of 2013 to 2014.1 As reported by CTV News the federal government of Canada is offering to assist post-secondary graduates paying student debt.2 Employment and Social Development Canada, as of Nov. 1, informs that Canadians will not have to repay their Canada Student Loan if they are earning under $25,000 a year.

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The Repayment Assistance Plan, students can apply for help to mitigate their debt payments (dependent on income and the size of their family), These student borrowers can apply for reduced or no monthly payments. The 2016 Budget noted that the Repayment Assistance Plan will provide an added $131.4 billion over five years to student’s fiscal assistance.

Employment Minister MaryAnn Mihychuk stated: As a result of this new measure, students will be better positioned to transition into the workforce after graduation.

The Canada Student Grants program also offers full-time students from low-income families $2,000 to $3,000 a year in support. Canadians from middle-income families are eligible to receive $800 to $1,200 a year and part-time student from low-income families can receive $1,200 to $1,800 in financial aid. The Canada Student Grant amounts have been increased by 50 per cent according to the release.

Students interested can contact the National Student Loans Service Centre for more info.

1 Government of Canada

2 CTV News

 

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