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

The government has plans to help students.
Federal Student Loans Canada: Interest & Payments Could Be Delayed
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Senior 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.

Editor's Choice: Canada's Minimum Wage Is Set To Be Boosted Across All Federally-Regulated Industries

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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  • Lisa Belmonte

    Senior Writer

    Lisa Belmonte (she/her) is a Senior Writer with Narcity Media. After graduating with a Bachelor of Journalism from Toronto Metropolitan University (formerly Ryerson University), she joined the Narcity team. Lisa covers news and notices from across the country from a Canada-wide perspective. Her early coverage of the COVID-19 pandemic earned Narcity its first-ever national journalism award nomination.

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