Relief is here for Canadian Students

Canadian Students will only have to repay their Canada Student Loan once they are earning 25 thousand dollars annually as of November 1st.

The federal government has implemented new rules affecting Canadian Student Loans to lighten the burden on Canadian students. In 2014 it was estimated that 750 thousand Canadians were repaying student loans, with 234 thousand relying on the Repayment Assistance Plan.

“The future prosperity of our country depends on young Canadians getting the education and training needed to succeed in the job market.”

~ MaryAnn Mihychuk,
Minister of Employment, Workforce Development and Labour

If you are a Canadian student struggling to repay your debt, you will now be able to apply for more help with the Repayment Assistance Plan. Depending on a few qualifying factors you may be able to postpone payments completely or pay a lesser monthly amount.

Student Grants are also receiving an injection of funds: $1.53 billion over the next five years to help students currently using the Repayment Assistance Plan. This results in a 50% increase in grant money for Canadian Students in the following categories:

• $2-3k per year for full-time students from low-income families
• $1.2k-1.8k per year for part-time students from low-income families
• $800 to $1.2k per year for students from middle-income families

For more, visit: The Government of Canada’s Student Loans website, Service Canada and Student Financial Assistance sites.