Justin Trudeau Reveals Major Plans To Help Canadian Students Save Thousands Of Dollars

Justin Trudeau's government announces reduction on student loans in Canada in Budget 2019.
Justin Trudeau Reveals Major Plans To Help Canadian Students Save Thousands Of Dollars

The federal government unveiled the Budget 2019today on Tuesday, March 19, and it is full of different initiatives that could improve Canadian lives. There are major plans to improve housing affordability, help young Canadians get employed, and more. Not only that, but the government is promising a major change that will greatly impact students. Justin Trudeau proposed in Budget 2019 to help Canadian students by lowering interest on loans and saving them thousands of dollars. 

READ ALSO: Shopping In The US Will Be Significantly More Expensive For Canadians This Year

The 2019 federal budget will be Justin Trudeau's last budget before the upcoming election this fall. The budget proposes to help Canadians from all different backgrounds, and students will be happy to hear that they are one of the major winners of this proposal. 

Budget 2019 proposes to make obtaining a university education more affordable for all students in Canada by lowering interest rates on student loans! Their new initiatives will "help more students better manage the mounting pressure of higher living costs and the changing nature of work, and specifically to help make sure that student loans are more affordable for the students who need them".

READ ALSO: Canadians Ripping Apart Justin Trudeau Over His St. Patrick's Day Tweet

Both the floating interest rate, which is a rate that 99 percent of student loan borrowers use, and the fixed interest rate will be lowered starting in 2019-20.

Not only this, but there will also be a new interest-free grace period. "In addition, Budget 2019 proposes to amend the Canada Student Financial Assistance Act, so that student loans will not accumulate any interest during the six-month non–repayment period (the "grace period") after a student loan borrower leaves school," reads the document. 

READ ALSO: Ontario University Students Jealous After BC Government Eliminates Interest On Student Loans

These changes will save students thousands of dollars and positively affect over one million people. "As a result of these changes the average borrower will save approximately $2,000 over the lifetime of their loan," says the budget document. "Approximately 1 million student loan borrowers currently in repayment, and 200,000 graduates who leave school each year, will benefit from these changes."

Budget 2019 includes several other proposals to seemingly help improve the lives and wellbeing of students in Canada, such as improving the accessibility of student loans, supporting graduates through research scholarships, supporting Indigenous post-secondary education, and more. 

READ ALSO: Students Throughout Ontario Are Planning A Province Wide Walkout This Week To Protest OSAP Changes

Several other initiatives proposed in the federal budget will also benefit young Canadians and millennials. For instance, there are measures proposed to make housing more affordable and easier for millennials and first-time home buyers. 

#YourBudget2019 is all about you, and making investments that will help you and your family succeed – all while creating good middle class jobs and building a stronger economy. Read the full budget here: https://t.co/rPWU5xZKBK

March 19, 2019

To check out the full budget from the Liberal government, you can visit the Government of Canada'swebsite.  

More from Narcity

Comments đź’¬

Our comment section is a place to promote self-expression, freedom of speech and positivity. We encourage discussion and debate, but our pages must remain a safe space where everyone feels comfortable and the environment is respectful.

In order to make this possible, we monitor comments to keep spam, hate speech, violence, and vulgarity off our pages. Comments are moderated according to our Community Guidelines.

Please note that Narcity Media does not endorse the opinions expressed in the comment section of an article. Narcity Media has the right to remove comments, ban or suspend any user without notice, or close a story’s comment section at any time.

First and last names will appear with each comment and the use of pseudonyms is prohibited. By commenting, you acknowledge that Narcity Media has the right to use & distribute your content across our properties.