Canada Is Freezing Student Loan Interest Until 2023 & Delaying When You Start Repayments

The government has plans to help students.
Trending Senior Staff Writer

If you have federal student loans in Canada, help could be on the way because the government has proposed a bunch of ways it plans to assist students.

Minister of Finance Chrystia Freeland released Canada's 2021 budget which includes a $4.1 billion investment to help make post-secondary education more affordable and to support students who have the greatest needs.

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The government plans to extend the freeze on federal student loan interest until March 31, 2023, which would mean savings for about 1.5 million Canadians who have debt to repay.

It's also been proposed that the threshold for repayment be upped to $40,000 for those living alone so if you're earning less than that you don't have to make payments on your student loans.

Along with that, the government is intending to extend the doubling of how much money you get with federal student grants until the end of July 2023.

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