Nova Scotia Buzz
Former and future post-secondary students will be receiving a break from the Federal Government.
Today, a Fall Economic Statement was released by Deputy Prime Minister and Minister of Finance Chrystia Freeland announcing the elimination of interest the Federal Government collects on Canada Student Loans and Canada Apprentice Loans.
“An average student loan borrower will save $410 per year as a result of their loan being interest-free. They will still be able to use the Repayment Assistance Plan, allowing them to pause student loan repayment until they make at least $40,000 per year, and reducing payments for those earning slightly above that threshold.”
The update said it would include future loans and those currently being repaid. Elimination of interest on loans is scheduled to begin on April 1, 2023.
